Dovre Group Plc Half-year financial statements August 18, 2022 at 8:45 a.m.
DOVER GROUP‘S HALF YEAR FINANCIAL REPORT 1.1.–30.6.2022: DOVRE CONTINUED ITS STRONG PROFITABLE GROWTH IN H1 2022
The figures presented in this semesterthe annual financial reports are not audited. Corresponding period of last year in brackets. Renewable energy sectorcomprising the activities of the wind farm construction and construction design company Suvic Oh is fully consolidated in the Group accounts April 1, 2021 onotneighborhoods. Somajority stake (49%) is present like a separate line item in the income statements and balance sheet.
- Net revenue increased organically by 38.4% to €47.3 (34.2) million, mainly due to strong growth in the Renewable Energy and Project Personnel businesses.
- Project Personnel: net turnover of EUR 22.4 (18.6) million – increase of 20.2%.
- Consulting: net revenue of €4.6 (4.4) million – increase of 5.2%.
- Renewable energies: net revenue of €20.3 million (11.2) – increase of 81.6%.
- EBITDA 1.9 (1.0) million EUR – increase of 85.1%.
- Operating profit of EUR 1.7 (0.8) million – increase of 112.5%.
- Profit before tax of EUR 1.7 (0.6) million – increase of 173.4%.
- Profit for the shareholders of the parent company EUR 1.1 (0.3) million – increase of 214.2%.
- Earnings per share EUR 0.010 (0.003).
- Net cash flow from operating activities EUR -2.6 (-2.7) million.
- Net sales increased by 76.5% to €95.1 (53.9) million. Growth was driven in particular by the Renewable Energy business which is included in the Group figures from 1 April 2021 following the acquisition of a majority stake in Finnish wind farm construction and design company Suvic Oy in March 2021.
- Project Personnel: net turnover of EUR 45.1 (34.1) million – increase of 32.5%.
- Consulting: net turnover of EUR 9.0 (8.6) million – increase of 3.8%.
- Renewable energies: net turnover of EUR 41.0 (11.2) million – increase of 266.8%. The figure for the 2021 comparison period relates to the period from April 1 to June 30, 2021).
- EBITDA increased to €3.8 (2.1) million, an increase of 85.0%.
- Operating profit of EUR 3.4 (1.6) million – increase of 106.3%.
- Profit before tax of 3.1 (1.4) million EUR of which -0.2 (-0.2) million EUR of financial elements – increase of 121.3%.
- Profit for the shareholders of the parent company EUR 2.2 (0.9) million – increase of 129.8%.
- Earnings per share EUR 0.020 (0.009).
- Net cash flow from operating activities EUR -0.6 (-2.2) million.
Outlook for 2022 unchanged (issued on 2 August 2022):
The net turnover of the Dovre group in 2022 should be above 185 million euros and the operating profit (EBIT) should be between 6.5 and 7.5 million euros.
CEO ARVE JENSEN:
A favorable market environment supported our growth in the first half of 2022. Our net sales increased by 76.5% to 95.1 million euros and our operating profit more than doubled to 3, 4 (1.6) million euros. The second quarter was the first directly comparable quarter after the acquisition of Suvic, and during that quarter organic net sales growth year-over-year was 38.4% and growth in operating profit of 112.5%. I am pleased to see our three business segments growing and delivering profitable operating results in the first half.
Around 75% of our growth in the first half year-over-year came from our renewable energy segment, which includes the majority of Suvic Oy’s business acquired in March 2021. The segment has grown rapidly and, in the first semester 2022, Suvic has been involved in the construction of eight different wind farms in Finland, some of the largest projects of which will also continue in 2023.
Activity levels were also high in our Project Personnel and Consulting businesses. Increased demand for our services in Norway has supported growth in these segments. At Project Personnel in Norway, we concluded in May, together with our partners, a new framework agreement with Aibel AS, a leading service company in the oil, gas and offshore wind sectors. Additionally, several existing clients in Project Personnel and Consulting have used their options to extend agreements into 2022. In Consulting Finland, the Proha entity has seen high activity and the strengthening of our operations with eSite is developing as planned.
The successful development of our operations is the result of our consultants’ ability to meet and exceed our clients’ expectations. For this, I warmly thank all our collaborators.
While our operating environment supports our growth, it continues to possess
several concerns, such as the current geopolitical situation, high inflation and high oil prices. However, as noted as part of our August 2 earnings forecast update, we expect demand for Dovre’s services to be strong in the second half as well.
In the medium to long term, the demand for energy forces governments and the private sector to seek new energy-efficient solutions, which we believe will lead to increased demand in all of our business sectors. We intend to expand our services in the energy sector. All of our operations are focused on profitable growth, ensuring the best professionals for our clients’ projects and maintaining high customer satisfaction to stay ahead of the tough competition in our industry.
GROUP KEY FIGURES
|millions of euros||4–6
|% of net sales||4.0%||3.0%||4.0%||3.8%||4.8%|
|% of net sales||3.5%||2.3%||3.5%||3.0%||4.3%|
|% of net sales||3.6%||1.8%||3.3%||2.6%||3.9%|
|Profit for the shareholders of the parent company||1.1||0.3||214.2%||2.2||0.9||129.8%||3.7|
|% of net sales||2.2%||1.0%||2.3%||1.8%||2.6%|
|Net cash flow from operating activities||-2.6||-2.7||3.2%||-0.6||-2.2||-72.6%||2.3|
|Debt ratio (Gearing), %||-3.6%||12.4%||129.4%||-3.6%||12.4%||129.4%||-3.7%|
|Earnings per share, EUR|
This stock market release is a suparent of Dovre Group Plc’s Half-Fiscal Year Report January 1 – June 30, 2022. The full bulletin is attached to this press release and is also available online atwww.dovregroup.com-> Investors
Espoo, August 18, 2022
DOVRE GROUP PLC
BOARD OF DIRECTORS
For more information, please contact:
Dovre Group PLC
Arve Jensen, CEO
Phone. +47 90 60 78 11
Sirpa Haavisto, Chief Financial Officer
Phone. +358 20 436 2000
Financial reports in 2022
The Dovre group publishes its commercial balance sheet for the third quarter from January 1 to September 30, 2022, on Wednesday October 26, 2022.
Nasdaq Helsinki Ltd
Dovre Report H1 2022 EN_FINAL