Please find attached the financial report for TTS Group ASA 4Q 2017.
Despite a challenging 2017 with tough market conditions for both the maritime and offshore industry and a drop in turnover of nearly 30%, TTS delivered an EBITDA adjusted for restructuring costs and other non-recurring items of MNOK 117 (5,4%) vs. MNOK 133 (4,3%) in 2016. The performance improvements are a result of the restructuring processes executed over the last 12 months, and partially offset by the negative impact of the revenue drop from 2016 of 30 %. TTS Group is now a leaner, stronger and more focused company, prepared to take advantage of the positive market signals observed over the last few months.
TTS Group ASA announced on February 8th 2018 that it has signed an asset sale agreement with MacGregor, a part of Cargotec Oyj. The announced transaction with MacGregor is expected to be completed within 3Q 2018. The company has therefore chosen to continue to report both total group performance, continued business, and the performance of the discontinued businesses.
Bergen, 26 February 2018
TTS Group ASA
http://www.ttsgroup.com
Contact persons:
Toril Eidesvik
CEO
M: +47 900 78 218
Leiv Kallestad
CFO
M: +47 958 95 661
