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NRC Group ASA – Q1 2023 results

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NRC Group today published its financial results for the first quarter of 2023.

CEO Henning Olsen and CFO Ole Anton Gulsvik will present the results at 09:00 am (CET) at House of Oslo, Ruseløkkveien 34, Oslo.

The presentation will also be webcast live on the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20230524_4/

The presentation will be followed by a live Q&A-session. Investors, analysts and journalists are welcome to participate at House of Oslo or follow the presentation digitally, where questions can be submitted during the event.

Group highlights:

  • Revenue of NOK 1,291 million (NOK 1,176 million), 10% growth and 7% organic growth  
  • Operating profit (EBIT adj.) of NOK -48 million (NOK -41 million) in a seasonally weak quarter, corresponding to a margin of -3.7% (-3.5%). This includes NOK 4 million in net gain from sale of machinery, compared to NOK 19 million in Q1 2022 
  • The order backlog increased from NOK 7,795 million to NOK 8,200 million explained by a book-to-bill ratio of 1.0x and positive currency effect
  • Successful completion of the sale of the Gravco business unit, recognising a net gain of NOK 40 million in the quarter (not included in EBIT adj.) and NOK 114 million in net proceeds 
  • Actions to improve profitability in Sweden continue and Civil construction to be discontinued. One-off cost of NOK 35 million related to the close-down recognised in Q1 (not included in EBIT adj.)
  • Operating cash flow of NOK -48 million (NOK 69 million) due to increased working capital in the period
  • Net interest-bearing debt increased by NOK 55 million to NOK 1,005 million during the quarter as the cash contribution from the sale of Gravco business unit was offset by increase in working capital 
  • Henning Olsen, CEO of NRC Group, submitted his notice of resignation. The Board of Directors has started the recruitment process

The first quarter 2023 result report and result presentation can be found attached and will be available on the company’s homepage: www.nrcgroup.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Charlotte Krog, Communication, NRC Group ASA, on 24 May 2023.

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