Interim report January-
July-
- Total operating revenue amounted to
NOK 792.2 million (612.0), an increase of 29.4%. Currency adjusted organic growth was 7.8%. - Revenue from customer contracts amounted to
NOK 785.1 million (610.6), an increase of 28.6%. - EBIT amounted to
NOK 110.1 million (76.6). - The period was charged with non-recurring items amounting to
NOK 0.9 million (1.1). - Adjusted EBITA amounted to
NOK 124.0 million (86.7), up 43.1%. - Profit for the period was
NOK 70.4 million (49.8), up 41.1%. - Cash flow from operating activities totaled
NOK 131.8 million (133.3). - Basic/Diluted earnings per share amounted to
NOK 0.39 (0.27).
January-
- Total operating revenue amounted to
NOK 2,296.2 million (1,746.9), an increase of 31.4%. Currency adjusted organic growth was 6.7%. - Revenue from customer contracts amounted to
NOK 2,277.4 million (1,732.7), an increase of 31.4%. - EBIT amounted to
NOK 223.9 million (176.4). - The period was charged with non-recurring items amounting to
NOK 7.7 million (6.7). - Adjusted EBITA amounted to
NOK 266.1 million (207.5), up 28.2%. - Profit for the period was
NOK 159.7 million (126.2), up 26.5%. - Cash flow from operating activities totaled
NOK 309.4 million (199.9). - Basic/Diluted earnings per share amounted to
NOK 0.87 (0.69).
Significant events during the January-
Norva24 acquired NRC Gravco inOslo addingNOK 90 million in revenues and further consolidating Norva24’s position in theOslo and surrounding area.- Mikael Smedborn assumed the position as new CEO of
Sweden fromApril 1, 2023 . Henrik Norrbom took on the role as Group CEO fromSeptember 18, 2023 .
Significant events after the reporting period
Norva24 has acquiredBaier Rohrreinigung GmbH inGermany and ControTech i Malmö AB inSweden . Through these acquisitions the Group has added approximatelyNOK 85 million of revenues.
Uniquely positioned in a market with long-term growth prospects
Having joined
Revenue growth in the third quarter was strong at 29 percent, of which 8 percent currency adjusted organic growth. We have improved utilization and cost control significantly, leading to adjusted EBITA margin improvement of 1.5 percentage-points to 15.7 in the third quarter. The Quarter-on-Quarter EBITA margin improvement was 5.9 percentage-points. The report demonstrates the strength of our model and resilience even in a market with weaker macroeconomics.
When I was looking at
The long-term trends driving Norva24s market are as strong as ever:
- Sewers in our core markets are on average more than 40 years old, and are in need of significant maintenance and renewal in the years to come
- Climate change and extreme weather require upgrades and increased maintenance
- Authorities impose stricter regulations, driving infrastructure investments
As the UIM leader in the Nordics and
The UIM market is one that benefits tremendously of structural changes, and
The combination of strong organic growth, strong balance sheet and solid cash conversion puts us in the driver’s seat when it comes to consolidation of the UIM industry, and we will be able to fund our communicated growth plans based on our own cash flow.
In a period of macro uncertainty, it is reassuring to see evidence of Norva24’s resilience to economical fluctuations. Our services are mission-critical, and we have a large share of public customers. The long term trend is showing strong growth with limited impact from the overall economy.
With a more short-term perspective, there are three areas that will be of special importance to me. These are:
- Price optimization
- Improve utilization
- Right people in the right place
Our vision remains clear and achievable: We want to be the market leader in underground infrastructure maintenance in
Operating in the European UIM market, with a total addressable market of more than
During the third quarter of 2023,
In Q3 2023,
Cash flow from operating activities was good at
We have over the last weeks acquired two UIM companies, one in
I assumed the position, as Group CEO as from
“Three areas of special importance going forward are; price optimization, improve utilization and ensure we secure the right talent in key roles.”
Webcast with teleconference at 09.30 (CET)
To participiate in the conference and see the phone numbers, please go to link below
Webcast/Teleconference :
https://financialhearings.com/event/46574
For further information:
Tel. +46 72 708 1515
Henrik.norrbom@norva24.com
Tel: +47 916 86 696
stein.yndestad@norva24.com
ir@norva24.com
Tel: +47 414 33 560
dean.zuzic@norva24.com
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