Dovre Group Oyj - Interim report (Q1 and Q3)

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 – MARCH 31, 2013

Helsinki, Finland, 2013-04-25 07:45 CEST (GLOBE NEWSWIRE) -- Dovre Group Plc   
               Interim report                             April 25, 2013 at
08:45 a.m. 

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - MARCH 31, 2013

Dovre Group's net sales grew. Operating result affected by unexpected expenses.

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

SUMMARY

January - March 2013

  -- Net sales for continuing operations EUR 24.3 (22.0) million - growth 10%
  -- Project Personnel: net sales EUR 22.2 (19.7) million - growth 13%
  -- Consulting: net sales EUR 2.1 (2.3) million - change -7%
  -- Operating result for continuing operations EUR 0.3 (0.9) million, which is
     1.3% (4.1%) of net sales
  -- Result for the period incl. discontinued operations EUR 0.2 (0.8) million
  -- Earnings per share incl. discontinued operations EUR 0.00 (0.01)
  -- Net cash flow from operating activities incl. discontinued operations EUR
     0.2 (0.8) million

  -- Net sales incl. Software (discontinued operations): EUR 25.7 (23.3) million
  -- Operating result incl. Software (discontinued operations): EUR 0.5 (1.2)
     million

As of the fourth quarter of 2012, the Group's Software business area is
reported under discontinued operations and thus impacts only the Group's net
result. 

Guidance for continuing operations (the guidance has not been changed):

In 2013, net sales and operating result are expected to grow from 2012.

The interim report is unaudited.



KEY FIGURES

                                                  1-3      1-3   Change     1-12
(EUR million)                                    2013     2012        %     2012
Net sales, continuing operations                 24.3     22.0   10.4 %     94.1
Operating result, continuing operations           0.3      0.9  -65.4 %      3.4
% of Net sales                                  1.3 %    4.1 %             3.6 %
Result for the period, incl. discontinued         0.2      0.8  -73.8 %      2.9
 operations                                                                     
% of Net sales                                  0.9 %    3.6 %             3.0 %
Net cash flow from operations, incl.              0.2      0.8  -79.7 %      2.8
 discontinued operations                                                        
Debt-equity ratio (Gearing), %                -29.1 %  -34.5 %  -14.8 %  -27.0 %
Earnings per share, EUR (incl. discontinued                                     
 operations)                                                                    
Basic                                            0.00     0.01  -73.8 %     0.05
Diluted                                          0.00     0.01  -74.0 %     0.05





JANNE MIELCK, CEO

Growth in net sales continued in the first quarter of 2013. Despite fewer
billable days in the first quarter of the current year, our net sales grew 10%
compared to the first quarter of 2012. Project Personnel, our biggest business
area, increased its net sales by 13%, while net sales in our Consulting
business area decreased by 7%. 

Our operating result in the first quarter of 2013 was EUR 0.3 million. Project
Personnel's operating result was affected by EUR 0.2 million due to sales
adjustments and a bad debt provision relating to previous periods, and by
unprofitable operations and restructuring costs totaling EUR 0.2 million in
Australia. In the Consulting business area, decrease in the operating result
was due to the difficult market situation in Finland and investments in
biorenewables consulting. We will be taking further actions to increase
profitability. 

The Group's Indonesian associate SaraRasa Bioindo is estimated to start
production in the second quarter of 2013. SaraRasa Bioindo produces fuel for
energy production from woody biomass that emerges as a by-product of the local
food industry. 

The sales process of Safran Software Solutions AS, previously part of the
Group's Software business area, is moving ahead and is currently estimated to
be closed during the second quarter of 2013. In case the transaction is
completed, the expected consideration for the shares is on the level of EUR 5
million. 



FUTURE OUTLOOK

General economic insecurity has not affected investment levels among Project
Personnel business area's customers in the Oil and Gas industry and we expect
demand for the business area's services to remain strong in key market areas.
Market demand supports opportunities for growth, but the competitive market
still creates pressure on profitability. 

In the Group's Consulting business area, current market outlook in Norway
remains positive, while market uncertainty in Finland and Sweden affects
customers' investment levels. 

We will continue developing the Group in accordance with our strategy, which
was released on January 25, 2013. 

In 2013, net sales and operating result are expected to grow from 2012.

Guidance applies to the Group's continuing operations.

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



Helsinki, April 24, 2013



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



Distribution

NASDAQ OMX Helsinki Ltd

Major media

www.dovregroup.com

Bifogade filer:

Dovre Group OVK Q1 2013_EN.pdf