Dovre Group Plc Half year financial statement July 28, 2021 at 8.45 a.m.
DOVRE GROUP’S HALF-YEAR FINANCIAL REPORT 1.1.–30.6.2021: Net sales increased by 24.9% following the Suvic acquisition and profitability improved in January–June 2021
The figures presented in this half year financial report are not audited. Last year’s corresponding period in parentheses.
April–June 2021
- Net sales grew by 75.0% to EUR 34.2 (19.5) million. The growth was driven especially by the acquisition of a majority in the Finnish windmill park construction and construction design company Suvic Oy in March. Suvic’s operations are presented under the new Renewable Energy segment.
- Project Personnel: net sales totaled EUR 18.6 (16.1) million – increase of 15.7%.
- Consulting: net sales totaled EUR 4.4 (3.4) million – increase of 27.1%.
- Renewable Energy: net sales totaled EUR 11.2.
- Operating result improved to EUR 0.8 (0.4) million – increase of 77.1%.
- Profit before tax was EUR 0.6 (0.5) million.
- Result for the period was EUR 0.5 (0.4) million – increase of 30.7%.
- Earnings per share was EUR 0.005 (0.003).
- Net cash flow from operating activities was EUR -2.7 (3.8) million.
January–June 2021
- Net sales grew by 24.9% to EUR 53.9 (43.2) million
- Project Personnel: net sales totaled EUR 34.1 (35.5) million – decrease of -3.9%.
- Consulting: net sales totaled EUR 8.6 (7.7) million – increase of 12.4%.
- Renewable Energy: net sales totaled EUR 11.2.
- Operating result improved to EUR 1.6 (1.2) million – increase of 41.6%.
- Profit before tax was EUR 1.4 (1.2) million.
- Result for the period was EUR 1.1 (1.1) million – decline of 4.5%.
- Earnings per share was EUR 0.010 (0.011).
- Net cash flow from operating activities was EUR -2.2 (2.5) million.
Outlook for 2021 unchanged (issued on 28 April 2021):
Dovre Group’s net sales in 2021 is expected to be more than EUR 110 million (2020: 77 million) and the operating profit (EBIT) is expected to be more than EUR 3.5 million (2020: 2.4).
CEO ARVE JENSEN:
Dovre Group’s H1 2021 was marked by the acquisition of a 51% majority in the Finnish windmill park construction and construction design company Suvic Oy at the end of March. The acquisition led also to a leap in our net sales, which increased by 24.9% year-on-year to 53.9 million euros in H1 2021.
Although the H1 net sales growth is largely attributable to the acquired Suvic operations, also our ongoing businesses Project Personnel and Consulting performed well. In Q2 these segments’ combined net sales increased by 18% year-on-year, thus offsetting the slower growth in Q1 which resulted from the at time lower headcount and volumes following the COVID-19 related adjustments in 2020
Looking at our markets, Singapore and Norway have continued their strong growth. The market for Project Personnel has continued to improve in these countries and the headcount has increased month by month this year. Singapore has grown its sales by 57,3 % in H1 compared to last year. North America has more stable business as the finalization of a major client project has started in Q2.
In Consulting Norway, the activity level has been very high with several major projects being delivered during H1. In addition, two new frame agreements have been published.
Dovre Group’s operating result improved by 41.6% year-on-year to 1.6 million euros in H1 thanks to the strong performance in Consulting and Project Personnel segments. Renewable Energy business has stronger seasonality than our other businesses, which leads to the segment’s seasonally weaker profitability in H1 than in H2. Despite the segment’s negative operating result in Q2, we have strong faith in its growth and profitability potential and are pleased with the progress of the three new windmill projects started in this segment in Q2.
We are committed to build our renewable energy operations further and continue our diversification, and already at the current sales level we now have close to 50% of our sales outside oil and gas.
GROUP’S KEY FIGURES
| EUR million | 4-6 2021 | 4-6 2020 | Change % | 1–6 2021 | 1–6 2020 | Change % | 1–12 2020 |
| Net sales | 34.2 | 19.5 | 75.0 | 53.9 | 43.2 | 24.9 | 77.5 |
| Operating result | 0.8 | 0.4 | 77.1 | 1.6 | 1.2 | 41.6 | 2.4 |
| % of net sales | 2.3 | 2.3 | 3.0 | 2.7 | 3.0 | ||
| Profit before taxes | 0.6 | 0.5 | 27.3 | 1.4 | 1.2 | 18.2 | 2.2 |
| % of net sales | 1.8 | 2.5 | 2.6 | 2.8 | 2.8 | ||
| Result for the period | 0.5 | 0.4 | 30.7 | 1.1 | 1.1 | -4.5 | 1.6 |
| % of the net sales | 1.4 | 1.8 | 2.0 | 2.6 | 2.1 | ||
| Net cash flow from operating activities | -2.7 | 3.8 | -171.0 | -2.2 | 2.5 | 0.0 | 4.2 |
| Net debt | 3.2 | -1.6 | -300.2 | 3.2 | -1.6 | 300.2 | -2.4 |
| Debt-equity ratio (Gearing), % | 12.4 % | -6.7 | 285.1 | 12.7 | -6.7 | 0.0 | -10.1 |
| Earnings per share, EUR | |||||||
| Undiluted | 0.005 | 0.003 | 30.3 | 0.010 | 0.011 | -5.5 | 0.016 |
| Diluted | 0.005 | 0.003 | 30.3 | 0.010 | 0.011 | -5.5 | 0.016 |
This stock exchange release is a summary of Dovre Group Plc’s Half Year Financial Report January 1 - June 30, 2021. The full bulletin is attached to this release and is also available online atwww.dovregroup.com-> Investors
Espoo, July 28, 2021
DOVRE GROUP PLC
BOARD OF DIRECTORS
For additional information, please contact:
Dovre Group PLC
Arve Jensen, CEO
arve.jensen@dovregroup.com
tel. +47 90 60 78 11
Sirpa Haavisto, CFO
sirpa.haavisto@dovregroup.com
tel. +358 20 436 2000
Financial reporting in 2021
- Q3 trading statement for January 1–September 30, 2021 on Wednesday, October 27, 2021
Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
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