Trading update for 1 January – 31 March 2022

Q1 organic growth of 5.4% – upgrade of 2022 outlook for organic growth.
DK_2018_Diversity pictures for AR

Highlights Q1 2022

Organic growth

Organic growth was 5.4% in Q1 2022 (Q1 2021: (5.6)%), driven by return-to-office trends in large markets, price increases and continued solid demand for projects and above-base work.


Revenue in Q1 2022 was 3% above pre-Covid-19 levels in Q1 2019 (excluding M&A and FX effects). Revenue from both cleaning and technical services were above pre-Covid-19 levels indicating continued structural demand and growth of ISS’ core service lines.

Operating margin

The underlying run-rate for operating margin continued to improve in Q1 2022 compared to previous quarters. Cost inflation and protection of margins have been managed tightly through price increases and cost reductions. A large part of this year’s expected price increases has already been implemented in the quarter.

Turnaround initiatives

The turnaround initiatives related to the underperforming contracts and countries progressed according to plan. The UK has reached its turnaround target nine months ahead of plan, and the turnaround focus is now on the recovery of the remaining underperforming areas; the Deutsche Telekom contract and France.

Divestment programme

Execution of the divestment programme is nearing completion. Divestments of Taiwan, Russia and two smaller business units have been completed. 

ISS Pulse

ISS has carried out a large study (ISS Pulse) to gain insight into recent industry trends. Customers are increasing investments in upgrading workplaces to enhance employee engagement. The majority of office-based customers in the survey are not planning to reduce their real estate footprint. 


The outlook for organic growth is upgraded to ‘Above 4%’ (previously ‘Above 2%’), due to the solid start to the year. The gradual recovery from Covid-19 and return-to-office development are expected to continue during the year. Outlook for operating margin and free cash flow is confirmed.

Outlook for 2022

* Guidance revised since Annual Report 2021

Above 4%



Above 3.5%


DKK 1.3 billion



The first quarter was a good start to the year and the development is a testimony to the continued growing demand for our services.

Jacob Aarup-Andersen, Group CEO, ISS A/S

Need more information?


Kenni Leth
Head of Global PR & Media Relations
+45 51714368


Jacob Schmidt Johansen
Head of Group Investor Relations
+45 21693591

Kristian Tankred
Senior Investor Relations Manager
+45 30673525