Espoo, Finland, 2017-07-27 07:45 CEST (GLOBE NEWSWIRE) --
Dovre Group Plc Half year financial report July 27, 2017 at 8.45 a.m
DOVRE GROUP HALF YEAR FINANCIAL REPORT JANUARY 1 – JUNE 30, 2017
Q2 OPERATING RESULT POSITIVE, DEMAND IMPROVING IN NORWAY
Dovre Group Plc issues today the company’s half year financial report for the six months ended on 30 June 2017. The figures presented in this half year financial report are not audited. Last year’s corresponding period in parentheses.
January – June 2017
- Net sales EUR 33.1 (47.8) million – decline 31%
- Project Personnel: net sales EUR 29.9 (44.1) million – decline 32%
- Consulting: net sales EUR 3.2 (3.7) million – decline 13%
- Operating result EUR -0.2 (0.1) million, Q1 operating result EUR -0.3 (-0.0) million incl. EUR 0.3 million of restructuring costs, Q2 operating result EUR 0.0 (0.1) million
- Result for the period EUR -0.5 (-0.8) million, incl. EUR -0.2 (-0.5) million finance items and EUR -0.1 (-0.4) million of the result of the Group’s joint venture SaraRasa
- Earnings per share EUR -0.00 (-0.01)
- Net cash flow from operating activities EUR -1.0 (-1.7) million
Outlook for 2017 (unchanged): Operating result is expected to improve compared to 2016.
PATRICK VON ESSEN, CEO:
”Our Q2 operating result was positive although it included Easter this year. The number of billable consultants has increased every month this year, being 15% higher in June than in January. At the end of H1, already almost 45% of our total volume came from energy, infrastructure, and industry projects, and approx. 55% from oil and gas projects. In the oil and gas market prices and margins are still on a low level, although the bottom has probably been reached.
In the Project Personnel business area demand has clearly picked up in our main market Norway. Strong market position, good sales work, and tight cost prudence are bringing results. Volumes have increased strongly also in Singapore, although one major project is coming to an end in the autumn.
Our contract portfolio in Project Personnel business is strong. One example of an industry with new clients is nuclear industry, where we already have assignments in three different projects.
We remain committed to cost effectiveness. We have already implemented additional measures, which further decrease our fixed costs from Q3 onwards by over EUR 0.2 million annually.
Our Consulting business area continues its good performance, and I am pleased, in particular, with the development of our consulting business in Finland. Even if the business area’s net sales decreased compared to last year, operating result remained almost on the same level as a year ago.”
KEY FIGURES
|
EUR million |
1-6 2017 |
1-6 2016 |
Change % |
1-12 2016 |
| Net sales | 33.1 | 47.8 | -30.8 | 83.8 |
| Operating result | -0.2 | 0.1 | -287.4 | 0.0 |
| % of net sales | -0.7 % | 0.2 % | 0.0 % | |
| Result | -0.5 | -0.8 | 37.9 | -1.7 |
| % of net sales | -1.4 % | -1.6 % | -2.0 % | |
| Net cash flow from operations | -1.0 | -1.7 | 37.0 | 0.6 |
| Net debt | -2.4 | -2.3 | 4.8 | -4.7 |
| Debt-equity ratio (Gearing), % | -10.3 % | -8.9 % | 16.1 | -18.3 % |
| Earnings per share, EUR: | ||||
| Undiluted | -0.00 | -0.01 | 38.1 | -0.02 |
| Diluted | -0.00 | -0.01 | 38.0 | -0.02 |
OUTLOOK FOR 2017
The market is still affected by several uncertainties, including general economic development, oil price, and political instability. Our main markets are in politically and economically stable countries.
In the Project Personnel business area, market outlook has improved in Norway, but globally the price level in the oil and gas industry is still clearly lower than in recent years. Thanks to a strong portfolio of frame agreements as well as cost savings, both implemented and planned, we expect our operating result to improve from 2016.
In the Consulting business area, market outlook remains unchanged.
We expect the Group’s operating result to improve compared to 2016.
This stock exchange release is a summary of Dovre Group Plc’s half year financial report January 1 – June 30, 2017. The full bulletin is attached to this release and is also available online at www.dovregroup.com -> Investors.
For additional information, please contact:
Dovre Group Plc
Patrick von Essen, CEO
(patrick.essen@dovregroup.com)
Heidi Karlsson, CFO
(heidi.karlsson@dovregroup.com)
tel. +358-20-436 2000
www.dovregroup.com
Financial reporting in 2017
Dovre Group releases its remaining financial reports in 2017 as follows:
- Q3 trading statement for January 1 – September 30, 2017 on Thursday, October 26, 2017
Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
