2012-07-26 07:45:00 CEST
2012-07-26 07:45:06 CEST
REGULATED INFORMATION
Dovre Group Oyj - Interim report (Q1 and Q3)
DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 – JUNE 30, 2012
Espoo, Finland, 2012-07-26 07:45 CEST (GLOBE NEWSWIRE) --
Dovre Group Plc Interim report July
26, 2012 at 08:45 a.m.
DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - JUNE 30, 2012
Another strong quarter for Dovre Group
(Unless otherwise stated, last year's corresponding period in parentheses.)
SUMMARY
April - June 2012
-- Net sales EUR 23.1 (17.4) million - growth 32.4%
-- Project Personnel: net sales EUR 19.7 (14.8) million - growth 33.5%
-- Consulting: net sales EUR 2.2 (1.8) million - growth 23.8%
-- Software: net sales EUR 1.2 (0.9) million - growth 29.2%
-- Operating result EUR 1.2 (0.6) million - growth 113.3%
-- Operating result 5.4% (3.3%) of net sales
-- Result for the period EUR 0.9 (0.3) million - growth 229.4%
-- Earnings per share EUR 0.01 (0.00)
-- Net cash flow from operating activities EUR -0.4 (-0.9) million
January - June 2012
-- Net sales EUR 45.3 (36.0) million - growth 25.8%
-- Project Personnel: net sales EUR 38.4 (30.8) million - growth 24.7%
-- Consulting: net sales EUR 4.5 (3.4) million - growth 31.8%
-- Software: net sales EUR 2.5 (1.9) million - growth 30.5%
-- Operating result EUR 2.4 (3.0) million. Comparable operating result EUR 2.4
(1.4) million
-- Comparable operating result 5.3% (3.8%) of net sales
-- Result for the period EUR 1.7 (1.7) million. Comparable result EUR 1.7
(0.5) million
-- Earnings per share EUR 0.03 (0.03). Comparable earnings per share EUR 0.03
(0.01)
-- Net cash flow from operating activities EUR 0.4 (-0.3) million
Comparables for 2011 exclude the gain from the closure of the defined benefit
pension plan in Norway in Q1 (impact on the operating result approx. EUR 1.7
million and the result for the period approx. EUR 1.2 million).
In 2012, net sales are expected to grow over 15% from 2011. Comparable
operating result is expected to grow from 2011. The guidance has not been
changed.
The interim report is unaudited.
KEY FIGURES
4-6 4-6 Change 1-6 1-6 Change 1-12
(EUR million) 2012 2011 % 2012 2011 *) % 2011 *)
Net sales 23.1 17.4 32.4 45.3 36.0 25.8 72.5
Operating result 1.2 0.6 113.3 2.4 3.0 -21.1 4.9
% of Net sales 5.4 % 3.3 % 5.3 % 8.4 % 6.8 %
Result for the 0.9 0.3 229.4 1.7 1.7 -2.3 3.2
period
% of Net sales 3.7 % 1.5 % 3.7 % 4.7 % 4.4 %
Net cash flow from -0.4 -0.9 53.1 0.4 -0.3 243.9 2.0
operations
Debt-equity ratio -27.6 % -25.0 % 10.4 -27.6 % -25.0 % 10.4 -34.6 %
(Gearing), %
Earnings per share,
EUR
Basic 0.01 0.00 204.7 0.03 0.03 -5.6 0.05
Diluted 0.01 0.00 207.2 0.03 0.03 -4.7 0.05
*) Including one-time item
JANNE MIELCK, CEO
Our net sales continued on a strong growth path in the second quarter of 2012,
with net sales growing 32% compared to the second quarter of 2011. All our
business divisions increased their net sales over 20%. Project Personnel, our
biggest division, increased its net sales by almost 34%. Our net sales
increased also in comparison to the first quarter of 2012 due to the rise in
the number of consultants especially in the Project Personnel division.
Geographically, our net sales grew most strongly in the industry's strong
markets Norway and Australia.
Also our operating result continued its positive development during the second
quarter of 2012 as the average billing per consultant grew faster than the
expenses. The Group's operating result was EUR 1.2 million, EUR 0.6 million
higher than in the second quarter of 2011. All our business divisions improved
their operating result, with Project Personnel and Consulting improving even by
over 50%.
In the first half of 2012, our net sales grew by 26%. All our business
divisions experienced strong growth, with Consulting and Software increasing
their net sales by 30%. Again, geographically our net sales grew most strongly
in Norway and Australia.
In January - June 2012, the Group's comparable operating result was EUR 2.4
million, which was approx. EUR 1.0 million higher than in the first half of
2011. All our business divisions improved their operating result.
In the first half of 2012, we acquired a minority share in SaraRasa, a
renewable energy project developer based in Singapore, and invested in SaraRasa
Bioindo Pte. Ltd., which is the company's first development project. The
project is progressing according to plan.
We have now completed the first stage of a study, launched at the beginning of
the year, investigating the possibility of expanding the Group's current
business in the renewable energy sector. Based on the study, we have continued
preparations for developing our consulting business, with the kick-off decision
to be made in the third quarter of 2012.
FUTURE OUTLOOK
General economic insecurity has not affected investment levels in the Oil and
Gas industry, including Project Personnel division's major customers. Thus, we
expect demand for the division's services to remain strong in key market areas.
However, the division's market shows signs of increased competition, which may
affect the levels of gross margin within the industry in general
Current market outlook in the Nordic countries, an important market for the
Group's Consulting and Software divisions, is positive. However, economic
instability in Europe may affect customers' investment levels in the second
half of 2012.
We will continue developing the Group in accordance with our strategy and
long-term goals.
In 2012, net sales are expected to grow over 15% from 2011. Comparable
operating result is expected to grow from 2011. The guidance has not been
changed.
This future outlook is based on forecasts approved by Dovre Group's Board of
Directors.
Espoo, July 25, 2012
Dovre Group Plc
Board of Directors
For additional information, please contact
DOVRE GROUP PLC
Janne Mielck, CEO
tel. +358-20-436 2000
janne.mielck@dovregroup.com
www.dovregroup.com
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