STOCKHOLM, May 4, 2022
/PRNewswire/ -- Multiconsult ASA (OSE: MULTI)
Multiconsult's first quarter 2022 EBITA came in at
NOK 169.2 million, which is an
all-time high result. The EBITA margin was 14.9 per cent. Net
operating revenues increased 16.2 per cent y-o-y to NOK 1 138.1 million, mainly caused by M&A and
higher number of working days. The solid result is mainly
driven by strong performance in the segments Region Oslo and Region
Norway, improvements in Energy, an improved billing ratio and
higher number of working days. The order intake was also strong in
the quarter at NOK 1 467 million,
reflecting Multiconsult's solid market position, which gives an
order backlog of NOK 3 521 million at
the end of the quarter.
Multiconsult holds a good portfolio of ongoing projects and has
a solid order backlog. The overall market outlook for
Multiconsult's services is expected to remain good and stable with
a solid activity level both in the public and private sector.
Multiconsult expects to benefit from the growing market within
sustainable solutions connected with the green shift. At the same
time, Multiconsult is also exposed to the general uncertainty
caused by a more unstable macro-environment.
"I am pleased to see that Multiconsult started the year with a
strong quarter both in terms of results, growth and order intake.
We experienced solid demand for our services with strong order
intake during the quarter. We are winning important projects that
gives us the opportunity to deliver leading innovative and
sustainable solutions, supporting our customers in the green shift.
Multiconsult holds a solid and diversified order backlog and going
forward we will focus on profitable growth and to deliver in
accordance with our strategic ambitions," says Grethe Bergly, CEO of Multiconsult ASA.
First quarter 2022
Net operating revenues came in at NOK
1 138.1 million, an increase of 16.2 per cent compared to
the same quarter last year. The increase in net operating revenues
reflects higher production due to the acquisition of Erichsen &
Horgen group, other small M&A activities, and a higher number
of working days. Compared to the same period last year the organic
growth in net operating revenues is estimated to 1.6 per cent after
adjusting for the calendar effect and acquisitions. The billing
ratio increased to 71.4 per cent, up 0.3pp and contributed
positively to growth in net operating revenues. Higher average
billing rates also had a positive effect on net operating revenue
when comparing to the same quarter last year.
Operating expenses increased by 10.3 per cent to NOK 918.0 million. The increase is mainly
attributable to higher employee benefit expenses caused by
increased headcount from acquisitions, in addition to ordinary
salary adjustment. Other operating expenses increased due to higher
headcount and increased general expenditures when compared to the
same quarter last year, which was partly influenced by Covid-19
pandemic.
EBITDA was NOK 220.0 million, up
from NOK 146.6 million, an increase
of 50.1 per cent compared to the same period last year, reflecting
an EBITDA margin of 19.3 per cent in the quarter compared to 15.0
per cent last year.
EBITA was NOK 169.2 million, up
from NOK 98.5 million, reflecting an
EBITA margin of 14.9 per cent in the quarter compared 10.1 per cent
in the same period last year. The strong improvement in EBITDA and
EBITA is partly influenced by four more working days in the first
quarter 2022, compared with the same quarter last year.
In order to position Multiconsult even better towards renewables
and opportunities triggered by the green shift, Energy &
Industry is established as a new business area. As per 2022
Multiconsult group consist of four different business areas:
Buildings & Properties, Mobility & Transportation, Water
& Environment and Energy & Industry.
The overall market outlook for Multiconsult's services remains
generally good across all four business areas. The opportunities in
the pipeline are at a good level. Multiconsult is expected to
benefit from the growing market for sustainable solutions within
such areas as wind power, solar power, facilities related to
hydrogen, batteries and CCS (carbon capture and storage) - all in
connection to the green shift. Increased demand from the industry
sector related to the energy transformation, clean energy, and
sustainable projects is expected to generate opportunities for
Multiconsult going forward. In the building and properties
market the long-term trend with industry transformation and
rehabilitation is expected to increase, and with new projects in
other sectors such as the hospital sector, the market outlook
remains stable. The renewable energy market is foreseen to increase
due to the rise of energy demand and increasing energy costs. The
international renewable energy market has experienced delays due to
the pandemic, but projects are currently starting up with a good
pipeline. The maintenance lag in water- and wastewater
infrastructure is significant, which together with a growing market
for climate change adaptations, still suggests a good outlook in
this area.
There is a higher than normal risk of delays in certain
projects, mainly caused by increased cost in the building- and
construction sector. Furthermore, a more unstable macro
environment, including increases in material costs, interest rates,
inflation, as well as the potential impact of the Ukrainian
conflict, may however cause delays and/or cancellations in our
markets.
The recent acquisitions, strong and diversified portfolio of
ongoing projects and a solid order backlog provides Multiconsult
with an overall good foundation going forward.
For a full review of our report, please refer to our first
quarter 2022 report.
Presentations today 4 May
2022:
Participants are invited to attend the Norwegian presentation
that will be held at Felix Conference Centre, Bryggetorget 3,
Oslo, at 08:30 (CET). The results
will also be presented through a live webcast: In Norwegian at
08:30 (CET) and in English presentation at 09:30 (CET).
Participants will have the opportunity to submit questions online
throughout the webcast sessions.
The Norwegian presentation at 08:30 (CET) can be accessed
at:
https://channel.royalcast.com/landingpage/hegnarmedia/20220504_7/
The English presentation at 09:30 (CET) can be accessed at:
https://channel.royalcast.com/landingpage/hegnarmedia/20220504_8/
Live webcasts, complete report, presentation and a recording of
the webcast will be available on www.multiconsult-ir.com and
https://newsweb.oslobors.no/
For further information, please contact:
Investor relations:
Hans-Jørgen Wibstad, CFO
Phone: +47 916 89 661
E-mail: hans-jorgen.wibstad@multiconsult.no
Media:
Gaute Christensen, VP
Communications
Phone: +47 911 70 188
E-mail: gaute.christensen@multiconsult.no
This information was brought to you by Cision
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SOURCE Multiconsult