DOVRE GROUP’S HALF-YEAR FINANCIAL REPORT 1.1.–30.6.2023
August 17 2023 - 1:45AM
DOVRE GROUP’S HALF-YEAR FINANCIAL REPORT 1.1.–30.6.2023
Dovre Group Plc
Half-year financial
statement August
17, 2023, at 8.45 a.m.
DOVRE GROUP’S HALF-YEAR FINANCIAL REPORT
1.1.–30.6.2023
The figures presented in this half-year financial report are not
audited. Last year’s corresponding period in parentheses. The
Renewable Energy segment, consisting of the operations of the
windmill park construction and construction design company Suvic Oy
is fully consolidated in the Group’s financial statements. The
non-controlling interest (49%) is presented as a separate line item
in the income statements and balance sheet.
April–June 2023
- Net sales remained
stable at EUR 47.3 (47.3) million
- Project Personnel:
net sales EUR 25.9 (22.4) million – increase of 15.7%.
- Consulting: net
sales EUR 4.0 (4.6) million – decrease of -13.5%
- Renewable Energy:
net sales EUR 17.4 million (20.3) – decrease of -14.2 %
- EBITDA EUR 1.8 (1.9)
million – decrease of -6.5%
- Operating profit EUR
1.5 (1.7) million – decrease of -10.5%
- Profit before tax
EUR 1.3 (1.7) million – decrease of -23.8 %
- Earnings for the
shareholders of the parent company EUR 0.8 (1.1) million – decrease
of -26.4%
- Earnings per share
EUR 0.007 (0.010).
- Net cash flow from
operating activities EUR 2.9 (-2.6) million.
January–June 2023
- Net sales decreased
by –2.1% to EUR 93.1 (95.1) million.
- Project Personnel:
net sales EUR 50.7 (45.1) million – an increase of 12.3%.
- Consulting: net
sales EUR 9.1 (9.0) million – an increase of 1.4%.
- Renewable Energy:
net sales EUR 33.3 (41.0) million – decrease of -18.8%.
- EBITDA decreased to
EUR 3.7 (3.8) million – decrease of -2.7%
- Operating profit EUR
3.2 (3.4) million – decrease of -5.1%
- Profit before tax
EUR 2.8 (3.1) million – decrease of -12.0%
- Earnings for the
shareholders of the parent company EUR 1.8 (2.2) million – decrease
of -16.5%
- Earnings per share
EUR 0.017 (0.020).
- Net cash flow from
operating activities EUR 7.1 (-0.6) million.
Outlook for 2023
unchanged (issued on 26 June 2023)
Dovre Group’s net sales in 2023 are expected to be in the range
of 185 to 195 million euros and the operating profit (EBIT) is
expected to be above 7 million euros.
CEO ARVE JENSEN:
H1 2023 was marked by some headwinds, leading to a modest
decline in both net sales and profitability compared to the
corresponding period last year. Year-on-year fluctuations in
foreign currency exchange rates had an impact on the Group’s net
sales in H1. At fixed currencies, the year-on-year growth of net
sales in H1 would have been 3.4% instead a of decrease of -2.1%. In
particular, the weakened Norwegian crown had the effect of
decreasing net sales. The Renewable Energy segment experienced
challenges with fewer and smaller projects, which contributed to an
18.8% decrease in net sales for this segment.
On a positive note, our Project Personnel and Consulting
segments experienced growth, with net sales increasing by 12.3% and
1.4%, respectively. This highlights the strength and adaptability
of these segments, reaffirming our strategic focus on delivering
high-quality services to our clients. In terms of geographical
market areas, our largest sales increase occurred in North America,
owing primarily to strong activity levels in Canada.
One notable factor impacting our overall revenue and profit
during H1 2023 has been currency fluctuations, particularly the
weakening of the Norwegian Crown. The effects of Norway's new
temporary hiring legislation, which went into effect in April, have
had a minor impact on the energy sector's activity level thus far.
The public sector, however, has been more noticeably affected.
Moreover, geopolitical unrest, surging inflation rates, and soaring
energy prices in various parts of the world have all had an impact
on consumer demand and increased cost pressures.
Despite the challenges faced in the Renewable Energy sector, we
continue to believe in its growth potential. Our long-term outlook
remains positive, and we continue to explore opportunities to
leverage our expertise and expand our services within the energy
sector.
Looking ahead, we recognize that uncertainties persist in the
global market. Nevertheless, we still anticipate strong demand for
our services in the second half of the year. In addition, we are
proactively implementing measures to enhance operational efficiency
and drive sustainable profitability.
GROUP’S KEY FIGURES
EUR million |
4–62023 |
4–62022 |
Change% |
1–62023 |
1–62022 |
Change% |
1–122022 |
Net sales |
47.3 |
47.3 |
0.0% |
93.1 |
95.1 |
-2.1% |
203.0 |
EBITDA |
1.8 |
1.9 |
-6.5% |
3.7 |
3.8 |
-2.7% |
9.5 |
% of net sales |
3.7% |
4.0% |
|
4.0% |
4.0% |
|
4.7% |
Operating result |
1.5 |
1.7 |
-10.5% |
3.2 |
3.4 |
-5.1% |
8.5 |
% of net sales |
3.2% |
3.5% |
|
3.4% |
3.5% |
|
4.2% |
Profit before taxes |
1.3 |
1.7 |
-23.8% |
2.8 |
3.1 |
-12.0% |
7.4 |
% of net sales |
2.8% |
3.6% |
|
3.0% |
3.3% |
|
3.7% |
Earnings for the shareholders of the parent company |
0.8 |
1.1 |
-26.4% |
1.8 |
2.2 |
-16.5% |
5.2 |
% of the net sales |
1.6% |
2.2% |
|
1.9% |
2.3% |
|
2.5% |
Net cash flow from operating activities |
2.9 |
-2.6 |
211.3% |
7.1 |
-0.6 |
1296.9% |
2.6 |
Net debt |
-6.4 |
-1.1 |
-458.8% |
-6.4 |
-1.1 |
458.8% |
-3.0 |
Debt-equity ratio (Gearing), % |
-18.5% |
-3.6% |
|
-18.5% |
-3.6% |
|
-8.8% |
Earnings per share, EUR |
|
|
|
|
|
|
|
Undiluted |
0.007 |
0.010 |
-26.4% |
0.017 |
0.020 |
-16.5% |
0.049 |
Diluted |
0.007 |
0.010 |
-26.4% |
0.017 |
0.020 |
-16.5% |
0.049 |
This stock exchange release is a summary of Dovre Group Plc’s
Half-Year Financial Report January 1 - June 30, 2023. The full
bulletin is attached to this release and is also available online
at www.dovregroup.com-> Investors
Espoo, August 17, 2023
DOVRE GROUP PLCBOARD OF DIRECTORS
For additional information, please contact:
Dovre Group PLC
Arve Jensen, CEOarve.jensen@dovregroup.comtel. +47 90 60 78
11
Sirpa Merelä, CFOsirpa.merela@dovregroup.comtel. +358 20 436
2000
Financial reporting in 2023
Dovre Group releases its Q3 trading statement for January 1 –
September 30, 2023, on Wednesday, October 26, 2023.
Distribution Nasdaq Helsinki Ltd Major media
www.dovregroup.com
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