Interim report January-
January-
- Total operating revenue amounted to
NOK 769.9 million (704.6), an increase of 9.3%. Currency adjusted organic growth was 1.6%. - Revenue from customer contracts amounted to
NOK 758.9 million (700.1) an increase of 8.4%. - Adjusted EBITA amounted to
NOK 52.3 million (59.4). - The period was charged with non-recurring items amounting to
NOK 2.9 million (2.4). - EBIT amounted to
NOK 37.5 million (46.0). - Profit for the period was
NOK 21.3 million (32.6). - Cash flow from operating activities totaled
NOK 44.2 million (45.1). - Basic/Diluted earnings per share amounted to
NOK 0.12 (0.16).
Significant events after the reporting period
- On
April 1, 2024 , the Danish subsidiary Thornvig Jensen A/S sold its waste and container business. The sale is not material for group accounts. - On
April 17, 2024 ,Norva24 signed an agreement to acquire Vitek Miljø AS. The acquisition is pending approval of theNorwegian Competition Authority and is expected to be closed during Q2. This acquisition will add approximatelyNOK 120 million of yearly revenues. - On
May 3, 2024 ,Norva24 announced the acquisition of Nordic Powergroup Holding A/S. The acquisition is expected to addDKK 138 million of yearly revenues. - On
May 16, 2024 ,Norva24 announced the acquisition of HögtryckstjänstSyd AB . The acquisition is expected to addSEK 19 million of yearly revenues.
Good pace on acquisitions, strong first four months
I am particularly happy to conclude that the last six acquisitions have added more than
Our most recent acquisitions strengthen our market positions in
Reflecting on the operations in the first quarter of 2024, the cold winter and reduced number of working days impacted our results. The number of working days was 5% lower in Q1 2024 compared to Q1 2023, hence the currency adjusted organic growth was 1.6%. Eliminating calendar effects by looking at the first four months of the year, our currency adjusted organic growth was 7.1%. The reduced number of working days has a significant impact on profitability in Q1, but for the first four months of the year we see an improved margin compared to last year.
We continue to take a targeted and systematic approach to operational improvement, with three strategic initiatives:
1. Price optimization, ensuring compensation for cost inflation
2. Improved utilization of vehicles and personnel
3. Close follow-up of underperforming branches through benchmarking, people management and firm action plans
We are confident that the structured work within each of the three strategic initiatives, combined with synergies from acquisitions, will support lifting our margins to the mid-term target of 14-15%.
Wrapping up, I’d like to reiterate the massive remaining potential for consolidation of the underground infrastructure maintenance (UIM) market. With more than 50 acquisitions behind us,
Combined with the strong megatrends driving our industry, this makes me highly optimistic about our value creation outlook, and I’m looking forward to reporting on the progress going forward.
Group CEO
Webcast with teleconference at 09.30 (CET)
To participate in the conference and access the phone numbers, please use the link below.
Webcast/Teleconference:
https://financialhearings.com/event/48430
For further information:
Tel. +46 72 708 1515
Henrik.norrbom@norva24.com
Tel: +47 916 86 696
stein.yndestad@norva24.com
ir@norva24.com
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