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KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earthmoving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki.
KH Group's Q3 figures relied more heavily than we expected on the strong performance of the Nordic Rescue Group (NRG), while timing factors and the weak krona weighed on the earnings of the Swedish operations of both subsidiaries.
Both subsidiaries demonstrated robust operational progress in Finland, while their activities in Sweden were more subdued. In fact, the group's earnings were weighted even more heavily toward Nordic Rescue Group (NRG) than we expected, and Q3 is typically a quiet period for NRG.
Haglund’s departure does not in itself surprise us, as he originally described his role at KH Group as a temporary project. The CEO handover is taking place slightly earlier than we expected, however.
Preliminary data from KH Group indicates that the group's strong performance from Q2 has continued. While Q3 revenue was in line with our estimates, profitability was stronger than expected.
KH Group's Q2 earnings exceeded our expectations in terms of both revenue and especially profitability. The positive surprises in the report were the turnaround in KH-Koneet's Swedish business and additional visibility into NRG's strong order book.
KH Group's Q2 earnings exceeded our expectations in terms of both revenue growth and especially profitability. The positive surprises in the report highlighted the turnaround in KH-Koneet's Swedish business and a broad-based improvement in relative profitability.
