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2019-04-30 07:45:00 CEST 2019-04-30 07:45:02 CEST REGULATED INFORMATION Dovre Group Oyj - Interim report (Q1 and Q3)Dovre Group Trading Statement January 1 – March 31, 2019
Dovre Group Plc Stock exchange release April 30, 2019 at 8.45 am DOVRE GROUP TRADING STATEMENT JANUARY 1 – MARCH 31, 2019 NET SALES AND OPERATING RESULT IMPROVED IN Q1 Dovre Group Plc issues today a trading statement for the first quarter of 2019. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses. Key highlights January–March 2019:
Outlook for 2019 (unchanged, published 25 January 2019): Dovre Group’s net sales are expected to improve compared to 2018 and the operating profit is expected to be more than EUR 1.3 million. ARVE JENSEN, CEO: “We continue to see in Q1 the positive development from the H2 2018 with growth in both business areas. Net sales grew 5% in Project Personnel and 12% in Consulting. But the most important development is that we reported our strongest Q1 quarterly operating result since 2014. This result improvement is the combination of our current sales growth and the improvements made in our operational efficiency. Consulting has increased sales and profitability due to increased demand in Norway. The announced new frame agreement with Nye Veier in Norway confirms our competence and competitiveness together with Project Personnel. OUTLOOK FOR 2019 (unchanged, published 25 January 2019) The market is still affected by several uncertainties, including general economic development, oil price, and political instability. Our main markets are, however, in politically and economically stable countries. In the Project Personnel business area, demand has improved and the prices are improving slightly. Thanks to a strong portfolio of frame agreements, cost savings already implemented, as well as improving demand, we expect our operating result to improve from 2018. In the Consulting business area, market outlook remains unchanged. Dovre Group’s net sales are expected to improve compared to 2018 (2018: EUR 65.5 million) and the operating profit is expected to be more than EUR 1.3 million (2018: EUR 0.5 million). NET SALES In Q1, Dovre Group’s net sales grew to EUR 17.3 (16.4) million. Project Personnel accounted for 91 (91) % and Consulting for 9 (9) % of the Group’s net sales. Project Personnel’s net sales increased to EUR 15.8 (15.0) million, while net sales for Consulting amounted to EUR 1.6 (1.4) million. Fluctuations in foreign currency exchange rates did not have a significant impact on the Group’s total net sales during the first quarter.
PROFITABILITY In Q1, the Group’s operating result improved to EUR 0.3 (0.0) million. Project Personnel’s operating result was EUR 0.4 (0.4) million. Consulting business area’s operating result was EUR 0.1 (0.1) million. The operating result of the Group’s Other functions was EUR -0.2 (-0.4) million.
PERSONNEL On March 31, 2019, Dovre Group employed 525 (531) people, 484 (489) of which were employed by Project Personnel, 37 (37) by Consulting and 4 (5) by Other functions. CASH POSITION On March 31, 2019, the Group’s net debt was EUR 1.4 (-0.8) million. The Group’s cash and cash equivalents totalled EUR 4.0 (3.9) million. The Group’s interest-bearing liabilities were EUR 5.4 (3.2) million, a total of EUR 3.1 (2.3) million of which were current and a total of EUR 2.3 (0.9) million non-current. The adaptation of the new IFRS 16 standard as of January 1, 2019 increased the Group’s current interest-bearing liabilities by EUR 0.3 million and non-current by EUR 1.9 million. In Q1, net cash flow from operating activities was EUR -1.0 (-1.1) million, which includes EUR -1.3 (-1.2) million change in working capital. Due to the nature of the business, the Group’s cash flow development is typically less favourable during the first half of the year. Espoo, April 29, 2019 DOVRE GROUP PLC For additional information, please contact: Dovre Group Plc Mari Paski, CFO tel. +358 20 436 2000 Dovre Group is a global provider of project management services. Dovre Group has two business areas: Project Personnel and Consulting. Dovre Group has offices in Canada, Finland, Norway, Singapore, and the US, and employs more than 500 people worldwide. Dovre Group is listed on the Nasdaq Helsinki (symbol: DOV1V). Company website www.dovregroup.com. Distribution |
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