EDC Poul Erik Bech passes DKK half-billion mark in revenue and posts a record year

Denmark’s largest chain of estate agents, with more than 500 employees, posted a record profit in 2020. Poul Erik Bech says about the profit:

“We have much to thank good customers and favourable market trends for in the past year. Our ambitious growth strategy and the desire to deliver high quality at a competitive price have also contributed to the profit for the year.”

Best year for housing market

In 2020, EDC Poul Erik Bech had record sales in the private housing market. “We’re constantly working to develop and optimise our 62 residential property offices, and we expanded with three new residential property offices in Holbæk, Søborg and Herning in 2020. It’s been a good year, in which the whole sector has enjoyed favourable market trends. The coronavirus pandemic has greatly affected the market, with even more people having focused on their home and with many having bought holiday homes.”

“In addition, housing sales are booming in 2021, driven by high demand and continued focus on the home as a reaction to the COVID-19 situation. As society gradually reopens, the number of vaccinated persons increases and more people travel abroad, the housing market will again return to a more normal level,” says Poul Erik Bech.

Excellent year for commercial property

EDC Poul Erik Bech consists of 18 commercial property centres throughout Denmark as well as a property management company. Poul Erik Bech says:

“We generated a revenue of DKK 197 million on commercial property, which is an increase of 8%. At the same time, our profit increased from DKK 22 million to DKK 32.3 million before tax and goodwill amortisation and from DKK 13.1 million to DKK 20.0 million after depreciation, amortisation and tax, which is an increase of 53%. In 2020, we acquired IBO Erhvervsejendomsmæglere in Herlev, which is now part of our Herlev branch. We also acquired Herning’s oldest estate agency EDC Niels Kofoed & Ib Schiermer, which deals in both residential and commercial property. We increased our presence in Holbæk and Vendsyssel, set up a dedicated Capital Markets department headed by an experienced profile, and we’re continuing to strengthen our sales support, research department and IT systems.”

“In 2019, we set up a dedicated International Department, which, also in 2020, performed a wide range of assignments and contributed to international market reports for JLL (Jones Lang Lasalle), one of the world’s largest estate agencies. In 2019, we also established an agricultural department, which handles all types of agricultural properties and which posted a sound profit already in 2020. Based on a broad customer mix as well as committed partners and employees, we expect to realise revenue and a profit in 2021 that’s roughly on a par with 2020.”

EDC Poul Erik Bech is independent of banks and mortgage credit institutions and is largely owned by the non-profit foundation Poul Erik Bech Fonden, which, through the profit generated from the estate agency activities, supports voluntary associations that make a difference for vulnerable children as well as the arts and architectural cultural heritage.