Harboes Bryggeri, the Danish brewer, has upped its forecasts for two key profit metrics.

The company, which is also a soft-drinks supplier, sees its annual pre-tax profits reaching DKr30-60m ($4.4-8.8m), versus its earlier prediction of DKr10-40m.

EBITDA is now forecast to reach DKr120-150m, against the group’s previous estimate of DKr100-130m.

CFO Simon Andersson said “a positive product mix” across the business had led Harboes Bryggeri to change its forecasts.

He also pointed to an improved picture on costs. “Furthermore, we see a tendency towards less turbulence in the price development of energy and, in particular, the falling prices for sea freight give our export business better conditions for increased business,” Andersson said. “However, we continue to experience price pressure on a number of important raw materials, local distribution and increased wages.”

Harboes Bryggeri is scheduled to report its first-half financial results on 12 December.

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By GlobalData

In the company’s last full financial year, it booked net revenue of DKr1.62bn, 14% up on a year earlier. However, the group’s EBITDA fell 14% to DKr85m. Harboes Bryggeri made a pre-tax loss of DKr9m.

CEO Søren Malling said: “Although the earnings ratio for our company is still below the desired level, we are proud of the effort that has led to the upward adjustment of expectations. After a few years of unsatisfactory results, we are looking forward to an expected improved earnings in the financial year 2023/24.”

Harboes Bryggeri has two factories – one in Denmark and the other in Germany. Though publicly-listed, there are still family investors on the shareholder roster at a business formed by the Harboe family in 1883.