Strong start of the year
SIGNIFICANT NEWS

The stock is up 15% at pixel time on a positive press release showing a turnover (for January and February) higher than in 2019 (at €1.3m). This is led by Factorig (inspection division), where the company performs work in Latin America, and has a strong commercial activity.


FACT

Revenue of €1.3m for January and February, of which:

  • €0.8m in Factorig, vs €0.4m in 2021, €1m in 2019

ANALYSIS

Factorig is the driving force behind this strong start of the year. The inspection & audit division is indeed reporting a turnover of €0.80m, of 62% of the group’s revenue. The company has two contracts for inspection of semi-submersible rigs in Latin America (Brazil?). The commercial activity is also increasing, with Factorig receiving tenders amounting to more than €1m per month. Although Dolfines will not be awarded on every tender, it remains a positive indicator nonetheless.

In renewables, the company has participated in the inspection of turbines and nacelles of turbines manufactured for the “Banc de Guérande” offshore wind farm. More work is expected as the project progresses offshore. The project is operated by EDF, for a capacity of 480MW, with 80 turbines of 6MW (General Elerctrics Haliade 150).


IMPACT

We will update our model following this release.