Multiconsult ASA profit warning
Multiconsult ASA expects to report a small negative EBIT for the fourth quarter 2017. The main reason is challenging project execution in the Greater Oslo Area and Regions Norway segments, resulting in net write-downs of approximately NOK 20 million in the quarter. These project write-downs relate to many individual projects.
In 2017 as a whole, project execution has improved compared to 2016. However, project execution in the fourth quarter 2017 was particularly challenging, affecting the results for the quarter negatively. As in previous quarters in 2017, low billing ratio and high operating expenses in Norway continue to have a negative impact on earnings in the fourth quarter. A comprehensive profitability improvement program is currently being launched and some specific measures such as tighter resource management, are already implemented. The program focuses primarily on improving operations in the Greater Oslo Area and Regions Norway. Further information about the profitability improvement program will be presented at the fourth quarter 2017 earnings release.
Multiconsult ASA's fourth quarter 2017 results will be released on Wednesday 28 February at 07.00 CET. The complete report and presentation will be available at www.multiconsult-ir.com and www.newsweb.no.
For further information, please contact:
Mirza Koristovic, Head of Investor Relations
Phone: +47 93 87 05 25
Gaute Christensen, VP Communications
Phone: +47 911 70 188
Multiconsult is a leading Norwegian multidisciplinary engineering consulting company, with more than 2 800 employees and 45 offices in Norway and abroad. The Company focuses on six business areas: Buildings & Properties, Transport, Renewable Energy, Oil & Gas, Industry and Water & Environment. The Company has an operating history that spans more than a century, with the inception of Norsk Vandbygningskontor in 1908.