Diction announces record achievement with first million in profit

Diction, which also owns Legalisering ApS, has just announced the annual report for 2021, which shows the best result in the agency’s history with a profit of DKK 1.25 million and a total turnover of DKK 11.6 million. This marks 14% growth in revenue from 2020 and is the company’s largest profit to date.

Focusing on customer needs yields positive results
“This is an excellent result for Diction, and it shows that we are a growing company. After a turbulent period with COVID-19 in 2020, we chose to look inward into our business and have managed to become more streamlined. It’s about matching our customers with the right translator. This has proved to be the right tactic that has resulted in our best result to date with more satisfied customers and a profit of DKK 1.25 million, which has been a milestone for our agency,” says Martin Boberg, CEO of Diction.

More customers choose Diction as a translation agency in Sweden and Norway
The growth in the Swedish and Norwegian markets has positively contributed through the launch of the Swedish and Norwegian versions of Legalisering.dk. “We have never been in doubt about the great potential in Sweden and Norway, but it has only been since the beginning of 2021 that we have really had a breakthrough in those markets. Therefore, we also expect to be able to continue the growth into 2022,” says Martin Boberg.

New offensive under way in Finland and Iceland
After meeting the milestones of establishing ourselves in Sweden and Norway, the plans for Diction are expansion in Finland and Iceland, respectively. Diction already has a large network of translators in the Nordic region, which makes it possible for Diction to serve customers in need of translations to and from Swedish and Finnish. The head office will continue to be in Copenhagen from where the employees from Finland and Iceland will also work.

Expectation of increased growth and a larger bottom line in 2022
“Although we are still in an uncertain time in Northern Europe with COVID-19, inflation and the war in Ukraine, we are cautiously optimistic about the results in 2022. Our goal for the year is to get established in Finland and Iceland. This, combined with continued growth in our domestic markets, means that we have an expectation of greater growth than we have seen so far, and so one of our top priorities is to continue to maintain a bottom line of between 10% and 20% of the Diction group’s revenue,” says Martin Boberg.

Facts:
Diction ApS consolidated financial statements:
(Figures from 2020 in parentheses)
Revenue DKK 11.6 million (10.2)
Pre-tax profit for the year: DKK 1.26 million (0.11)
Equity: DKK 2.08 million (0.96)

Number of employees: 13
Number of customers: About 4,000
Number of freelance translators: 2,191