English

NRC Group ASA – Q2 and first half 2024 results

Report this content

NRC Group today published its financial results for the second quarter and first half of 2024.

CEO Anders Gustafsson and CFO Åsgeir Nord 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/20240829_3

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:
  • Quarterly result significantly affected by downward adjustments of approx. NOK 160 million, including a NOK 125 million downward adjustment of ETM, a joint Norwegian-Swedish rail project. The process with the customer is expected to continue during the fourth quarter of 2024. Additionally, NOK 35 million in downward adjustments on certain projects in Finland and a legal dispute in Sweden, affect the quarterly result negatively.  
     
  • Revenue of NOK 1,747 million (NOK 1,797 million) and EBIT of NOK -742 million (NOK 64 million) following downward adjustments of NOK 160 million and goodwill charges of NOK 650 million • Operating profit margin (EBIT adj. margin) of -5.1% (3.6%). Operating profit of NOK -88 million (NOK 65 million). 
     
  • Impairment charges of goodwill of NOK 500 million in Finland and 150 million in Norway (not included in EBIT adj.)  
     
  • Operating cash flow of NOK 7 million (NOK 107 million) due to lower EBITDA partly levelled out by reduced working capital. Net interest-bearing debt increased by NOK 17 million in the quarter to NOK 883 million. 
     
  • Order backlog of NOK 7,766 million (NOK 7,982 million) with a book-to-bill ratio of 0.8x in the quarter. Order intake was NOK 1,327 million (NOK 1,566 million). The tender pipeline for our core markets remains strong.
Events after end of second quarter:
  • NRC Group, together with our advisor Danske Bank, have initiated dialogues with certain key bondholders, with the aim to agree the terms of the necessary waivers within short.
     
  • To strengthen the liquidity position NRC Group is considering potential share issue to raise capital. ABG Sundal Collier and Danske Bank are retained to advise and assist in this process.
Half year:
  • Revenue of NOK 3,053 million (NOK 3,088 million), EBIT of NOK -840 million (NOK 14 million) and order intake of NOK 3,820 million (NOK 2,817 million).
     
  • Operating profit (EBIT adj.) of NOK -131 million (NOK 17 million), corresponding to a margin of -4,3% (0,5%). Half-year result significantly affected by downward adjustments of approx. NOK 160 million in the second quarter. 
     
  • Impairment charges of goodwill of NOK 500 million in Finland and 150 million in Norway. Restructuring cost of NOK 63 million related to the demolition and recycling business (NRC Kept) (not included in EBIT adj.)  
     
  • Operating cash flow of NOK -119 million (NOK 58 million) and net interest-bearing debt at NOK 883 million (NOK 761 million at year-end 2023).

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 2024.
 

Subscribe

Documents & Links