Proha - Interim report (Q1 and Q3)

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2011

Espoo, Finland, 2011-10-27 07:45 CEST (GLOBE NEWSWIRE) -- 

Dovre Group Plc                        Interim report                          
         October 27, 2011 at 08:45 a.m. 

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - SEPTEMBER 30, 2011

In Q3/2011, Dovre Group's net sales grew less than expected, operating result
according to target 

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

SUMMARY

July - September 2011

  -- Net sales EUR 17.7 (17.4) million - growth 1.7%
  -- Project Personnel: net sales EUR 15.4 (15.4) million - change -0.4%
  -- Consulting: net sales EUR 1.4 (1.2) million - growth 20.7%
  -- Software: net sales EUR 0.9 (0.8) million - growth 15.3%
  -- Operating result EUR 0.9 (1.8) million - change EUR -0.9 million
  -- Result for the period EUR 0.8 (1.2) million - change EUR -0.4 million
  -- Comparable operating result increased by EUR 0.1 million and the result by
     EUR 0.6 million
  -- Earnings per share EUR 0.01 (0.02)
  -- Net cash flow from operating activities EUR 0.6 (-0.3) million

January - September 2011

  -- Net sales EUR 53.7 (52.2) million - growth 2.8%
  -- Project Personnel: net sales EUR 46.1 (45.4) million - growth 1.6%
  -- Consulting: net sales EUR 4.9 (4.3) million - growth 12.2%
  -- Software: net sales EUR 2.9 (2.7) million - growth 7.0%
  -- Operating result EUR 4.0 (3.2) million - increase EUR 0.8 million
  -- Result for the period EUR 2.5 (2.2) million - increase EUR 0.3 million
  -- Comparable operating result increased by EUR 0.1 million and the result by
     EUR 0.1 million
  -- Earnings per share EUR 0.04 (0.04)
  -- Net cash flow from operating activities EUR 0.2 (1.9) 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

                         7-9      7-9  Change      1-9      1-9  Change    1-12
(EUR million)           2011     2010       %     2011     2010       %    2010
Net sales               17.7     17.4     1.7     53.7     52.2     2.8    70.8
Operating result         0.9      1.8   -46.7      4.0      3.2    26.2     3.4
% of Net sales         5.3 %   10.1 %            7.4 %    6.0 %            4.8%
Result for the           0.8      1.2   -37.7      2.5      2.2    10.4     2.3
period                                                                         
% of Net sales         4.3 %    7.0 %            4.6 %    4.3 %            3.3%
Net cash flow from       0.6     -0.3   270.2      0.2      1.9   -92.2     3.4
operations                                                                     
Debt-equity ratio    -26.8 %  -17.3 %    54.9  -26.8 %  -17.3 %    54.9  -27.2%
(Gearing), %                                                                   
Earnings per share,                                                            
EUR                                                                            
Basic                   0.01     0.02             0.04     0.04            0.04
Diluted                 0.01     0.02             0.04     0.04            0.04

JANNE MIELCK, CEO

In the third quarter of 2011, Dovre Group's operating result was on the
targeted level, but the net sales grew less than expected, increasing by 2%
compared to 2010. We did well in Europe and Asia, but did not manage to
increase the number of consultants in North America. In addition, our net sales
in North America were affected by unfavorable exchange rate fluctuations. Both
our Consulting and Software divisions increased their net sales in the third
quarter of 2011, by 21% and 15% respectively. 

In the third quarter of 2010, gain on disposal of investment in ProCountor
International Oy (also: ProCountor) improved the Group's operating result by
EUR 1.0 million. Excluding the gain on disposal of investment in ProCountor, in
the third quarter of 2011 the Group's operating result increased by EUR 0.1
million compared to an overall strong third quarter in 2010. Both Project
Personnel and Consulting improved their operating result. 

In January - September 2011, the Group's net sales grew by 3% compared to 2010.
All business divisions were ahead of their net sales compared to the
corresponding period in 2010. 

In January - September 2011, the Group's operating result was EUR 4.0 million.
Excluding the release of the liability from the defined benefit pension plan,
the Group's operating result was EUR 2.3 million. In January - September 2010,
the Group's operating result without the gain on disposal of investment in
ProCountor was EUR 2.2 million. 

In the third quarter, the Group's cash and cash equivalents increased by EUR
0.6 million, thus further strengthening the Group's balance sheet. 

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 stable in key market areas. 

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 2012. 

We will continue developing the Group in accordance with our strategy and
long-term goals. 

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. 



For additional information, please contact:

DOVRE GROUP PLC
Janne Mielck, CEO
tel. +358-20-436 2000
janne.mielck@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 OVK Q3 2011_EN.pdf