NRC Group today published its financial results for the first quarter 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/landingpage/hegnarmedia/20230524_4/
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:
· Revenue of NOK 1,291 million (NOK 1,176 million), 10% growth and 7% organic
growth
· Operating profit (EBIT adj.) of NOK -48 million (NOK -41 million) in a
seasonally weak quarter, corresponding to a margin of -3.7% (-3.5%). This
includes NOK 4 million in net gain from sale of machinery, compared to NOK 19
million in Q1 2022
· The order backlog increased from NOK 7,795 million to NOK 8,200 million
explained by a book-to-bill ratio of 1.0x and positive currency effect
· Successful completion of the sale of the Gravco business unit, recognising a
net gain of NOK 40 million in the quarter (not included in EBIT adj.) and NOK
114 million in net proceeds
· Actions to improve profitability in Sweden continue and Civil construction
to be discontinued. One-off cost of NOK 35 million related to the close-down
recognised in Q1 (not included in EBIT adj.)
· Operating cash flow of NOK -48 million (NOK 69 million) due to increased
working capital in the period
· Net interest-bearing debt increased by NOK 55 million to NOK 1,005 million
during the quarter as the cash contribution from the sale of Gravco business
unit was offset by increase in working capital
· Henning Olsen, CEO of NRC Group, submitted his notice of resignation. The
Board of Directors has started the recruitment process
The first quarter 2023 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 24 May 2023.