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NRC Group ASA – Q2 and first half 2023 results

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NRC Group today published its financial results for the second quarter and first half 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/webcast/hegnarmedia/20230829_2

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 second quarter:

  • Revenue of NOK 1,797 million (NOK 1,912 million), -6% growth and -13% organic growth
  • Operating profit (EBIT adj.) of NOK 65 million (NOK 60 million), corresponding to a margin of 3.6% (3.1%)
  • Order backlog reduced from NOK 8,200 million to NOK 7,982 million explained by a book-to-bill ratio of 0.9x in the quarter
  • Financial improvement continues in Norway and  actions to improve profitability in Sweden are starting to yield results
  • Strong operating cash flow of NOK 107 million (NOK -90 million) due to good working capital management and improved results. Net interest-bearing debt decreased by NOK 37 million to NOK 968 million.
  • Tender pipeline within Rail construction remains strong across all segments 
  •  Anders Gustafsson appointed as new CEO of NRC Group, and will start on October 1st.

Group highlights half year:

  • Revenue of NOK 3,088 million (NOK 3,088 million)
  • Operating profit (EBIT adj.) of NOK 17 million (NOK 19 million), corresponding to a margin of 0.5% (0.6%)
  • Operating cash flow of NOK 58 million (NOK -21 million) and net interest-bearing debt at NOK 968 million (NOK 1,009 million at year-end 2022)
  • Successful completion of the sale of the Gravco business unit in first quarter, recognising a net gain of NOK 40 million and NOK 114 million in net proceeds
  • Civil construction division in Sweden decided to be discontinued. One-off cost of NOK 35 million related to the close-down recognised in first quarter.

The 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 29 August 2023.

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