Proha - Interim report (Q1 and Q3)

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - MARCH 31, 2011

Espoo, Finland, 2011-04-28 07:45 CEST (GLOBE NEWSWIRE) -- 

Dovre Group Plc                                        Interim report          
             April 28, 2011 at 08:45 a.m. 



DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - MARCH 31, 2011

Dovre Group's net sales increased and operating result improved in Q1/2011

(Unless otherwise stated, last year's corresponding period in parentheses.)



SUMMARY

January - March 2011

  -- Net sales EUR 18.6 (16.3) million - growth 13.9%
  -- Project Personnel: net sales EUR 16.0 (13.9) million - growth 14.7%
  -- Consulting: net sales EUR 1.7 (1.5) million - growth 13.1%
  -- Software: net sales EUR 1.1 (0.9) million - growth 22.4%
  -- Operating result EUR 2.5 (0.5) million - increase EUR 2.0 million
  -- Result for the period EUR 1.4 (0.5) million - increase EUR 0.9 million
  -- Closure of the defined benefit pension plan in Norway improved the
     operating result by approx. EUR 1.7 million and the result for the period
     by approx. EUR 1.2 million
  -- Earnings per share EUR 0.02 (0.01)
  -- Net cash flow from operating activities EUR 0.5 (1.1) million

Net sales and operating result in 2011 are expected to grow from 2010. The
guidance has not been changed. 

The interim report is unaudited.



KEY FIGURES

                                   1-3    1-3  Change    1-12
(EUR million)                     2011   2010       %    2010
Net sales                         18.6   16.3    13.9    70.8
Operating result                   2.5    0.5   368.3     3.4
% of Net sales                   13.3%   3.2%            4.8%
Result for the period              1.4    0.5   214.9     2.3
% of Net sales                    7.7%   2.8%            3.3%
Net cash flow from operations      0.5    1.1   -54.3     3.4
Debt-equity ratio (Gearing), %  -28.9%  -5.7%   407.0  -27.2%
Earnings per share, EUR                                      
Basic                             0.02   0.01   100.0    0.04
Diluted                           0.02   0.01   100.0    0.04



ILKKA TOIVOLA, CEO

Dovre Group's net sales continued growing in Q1, increasing 14% from Q1/2010.
All the company's business divisions increased their net sales. Net sales grew
particularly well in North America and Asia. In Q1/2011, the net sales of the
Project Personnel division grew by 15% compared to Q1/2010. High oil price
shows as an increased interest in investments by major oil and gas companies. 

Both the company's Consulting and Software divisions performed well in Q1/2011,
increasing their net sales by 13% and 22%, respectively. Investment levels in
the Nordic countries have returned to normal. 

The Group's operating result in Q1/2011 was EUR 2.5 million, including the
release of the provision from the defined benefit pension plan in Norway.
Excluding the release of the provision from the defined benefit pension plan,
the Group's operating result was as expected, EUR 0.8 million. The company's
cash position continued improving. 

In accordance with the company's new growth strategy, we have delivered our
first customer assignments within nuclear energy and strengthened our
cooperation with actors within renewable energy. We have also improved our
position as a service provider to the oil and gas industry by gaining new
customers from among the industry's major project suppliers. The company has
changed its name and outward appearance as outlined in the strategy. By
continuous development of our operations, we are able to improve our customer
service and internal efficiency, thus supporting the improvement of the
operating result as outlined in our guidance. 



FUTURE OUTLOOK

Based on market forecasts, we expect the Project Personnel division to grow in
2011. Major oil and gas companies have indicated increased investments in new
projects over the next two years. We expect demand for the divisions' services
to grow in North America, Norway, Australia, Papua New Guinea, and Russia. We
aim to strengthen our cooperation with the suppliers and producers of renewable
energy. 

Markets for the Group's Consulting and Software divisions are estimated to grow
7-9% in most North European countries. Both business divisions expect growth in
net sales in 2011. 

The Group continues the measures to improve the efficiency of those business
units that are not yet performing as expected. 

Net sales and operating result in 2011 are expected to grow from 2010. The
guidance has not been changed. 

This future outlook is based on forecasts approved by Dovre Group's Board of
Directors. 



SEGMENT REPORTING

As of January 1, 2011, the Group's reporting structure has been changed so that
the Group consists of three business divisions: Project Personnel, Consulting,
and Software. The reorganization has been realized by dividing the Group's
previous Oil & Gas Services division into two new divisions that will focus on
project personnel services (Project Personnel division) and management
consulting services (Consulting division).Camako, which was previously part of
the Group's Software Solutions division, has been integrated into the
Consulting division. The Group's Software division consists of Safran Software
Solutions AS. 

Project Personnel, Consulting, Software, and Group functions constitute
separate reporting segments. Group functions consists of the Group's management
and administration. Information for the period January 1 - March 31, 2011 as
well as the comparative figures for 2010 have been presented according to this
segment division. 



DISCLOSURE PROCEDURE

Dovre Group Plc follows the disclosure procedure enabled by Standard 5.2b
published by the Finnish Financial Supervision Authority and hereby publishes
its interim report for January 1 - March 31, 2011 enclosed to this stock
exchange bullet-in. Dovre Group's interim report for January 1 - March 31, 2011
is attached to this bullet-in in pdf format and is also available on the
company's web site at www.dovregroup.com. 



Analyst and Press Briefing

Proha arranges a briefing on the interim report for the press and analysts at
Radisson Blu Plaza Hotel, Boardroom Cabinet, Mikonkatu 23, Helsinki, Thusrday,
April 28, 2011 at 10:00 a.m. 



For additional information, please contact



DOVRE GROUP PLC

Ilkka Toivola, CEO

tel. +358-20-436 2000

ilkka.toivola@dovregroup.com



www.dovregroup.com



Dovre Group is a global provider of project management services and software.
Dovre Group consists of three divisions: Project Personnel, Consulting, and
Software. In 2010, the Group's net sales were EUR 71 million. Dovre Group
employs over 400 people serving clients in 21 countries worldwide. 



Distribution

NASDAQ OMX Helsinki Ltd

Major media

Attachments:

Dovre Group interim report Q1 2011.pdf