Norlandia Care Group has increased turnover by 61%

Norlandia Care Group AS published its annual report for 2015 on March 15. The company reported a revenue increase of 61%.

In 2015, Norlandia Care Group continued to make acquisitions in the area of preschool operations in the Netherlands and in Finland. The acquisition of a large elderly care operation in Sweden was announced in February 2015, making Norlandia one of the largest operators in that market. The group achieved its growth with operations in the fields of preschools, after school care, elderly care, and patient hotels. Revenue growth was due to both acquisitions and organic growth.

"I am pleased with the very significant expansion of our business in 2015. Scale provides for even wider application of our quality systems, management tools, and training framework. While we continued to grow our operations, we also pursued a rigorous program of cost and performance reviews to make sure we stay as lean and effective as possible”, says Hilde Britt Mellbye, CEO of Norlandia Care Group AS. Revenues for the group rose to 2,984 million Norwegian kroner (NOK) in 2015 from NOK 1,854 million in 2014. Profits before taxes for the group was NOK 272.1 million in 2015, with an EBITDA of NOK 169.2 million. At year-end 2014 the firm had 3,415 employees. At the end of 2015 the firm had over 5,735 employees.

Norlandia Care Group now has annual turnover in excess of NOK 3.000 million. Revenue for 2015 was 61% higher than that of 2014. Margins are expected to be at a similar level in 2016 as in 2015.

These were the most important events for the group in 2015 and in the first months of 2016:

• We bought the Swedish elderly care business Kosmo, and became one of the largest private operator in that market. We increased from 12 elderly care units to 35 as of March 2016 in Sweden.
• We bought innovative Swedish preschool chain Kids2Home, which has 15 operating units in Stockholm, Sigtuna, Uppsala, Örebro, Falun and Hjärup. Several more to open soon.
• We won the tenders for the operation of elderly care units in the following Swedish municipalities: Lund, Gotland, and Västerås.
• We re-won the contract to operate Oppsalhjemmet nursing home in Oslo for six more years.
• We acquired a preschool in Farsund, our first presence in that part of Norway.
• Both our Norwegian and our Swedish operations are now ISO certified.
• We outsourced our accounting function, transferring 25 colleagues to Intu Økonomi AS without job losses.
• We bought preschool businesses SKW in the Netherlands and rebranded our operations there Norlandia.
• We increased from 59% to 100% our stake in Tenava, one of the biggest preschool operator in Finland with 30 units primarily in Helsinki, Tampere and Jyvaskala. We also acquired two more units in Finland and opened three newly built preschools.

The company continues to be controlled by its northern Norwegian founders: Hospitality Invest AS (Kristian Adolfsen and Roger Adolfsen), Benn Eidissen and Even Carlsen controlling respectively 64%, 18% and 18% of the shares in Norlandia Care Group AS.

Media contact: Hilde Britt Mellbye, CEO in Norlandia Care Group AS, +47 997 16 617.

Please read the full report here.

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