Group net operating revenues increased 22.3 per cent to NOK 799.7 million, compared to the same quarter last year. The increase in revenues was mainly driven by higher production due to own net recruitment and acquisition of Akvator AS, aarhus arkitekterne A/S and Iterio AB. Growth in net operating revenues was further impacted by the positive calendar effect in the quarter. The billing ratio decreased to 68.4% (69.1%), with a negative effect on net operating revenues. Billing rates were at a similar level to last year.
EBITDA for the quarter was NOK 105.5 million, an increase of 81.1 per cent compared to the same period last year. The increase is mainly explained by higher net operating revenues, which more than offset the increase in operating expenses in the quarter.
“I am pleased to see that Multiconsult begins the year with a very strong quarter. It is encouraging to see the improvement in the LINK arkitektur and International segments. The acquisition of Iterio AB is an important first step towards realising growth in Sweden, in line with the 3-2-1 GO Strategy”, says CEO of Multiconsult ASA Christian Nørgaard Madsen.
The order backlog remains strong at the end of the first quarter and was NOK 1 966.5, an increase of 12.7 per cent year on year. Order intake during the first quarter increased by 40.7 per cent to NOK 1 073.7 million. Inclusion of the backlog from Iterio AB of NOK 85.4 million in the first quarter 2017 as well as new order intake from aarhus arkitekterne A/S made strong contributions to the increase. There were strong sales within Buildings & Properties, Transportation and Renewable Energy in the quarter. There were many small and mid-size contract awards in the quarter, and the tender pipeline in the transportation sector is promising.
Important new contracts this quarter were Greater Oslo Grid Plan with Statnett and Bridge inspection 2017 with the Norwegian roads authority in Norway as well as the Middle Yeywa hydropower plant in Myanmar. Important add-ons to existing contracts this quarter were the Tønsberg hospital, Campus Ås, and Follo line in Norway as well as Neelum Jhelum in Pakistan and Mount Coffee in Liberia.
As of 31 March 2017, total assets amounted to NOK 1 519.1 million and total equity of NOK 582.6 million. The group had cash and cash equivalents of NOK 146.9 million, while net interest bearing debt amounted to NOK 9.8 million.
The overall market outlook remains fairly positive. Current market rates have stabilised, however the increase in salaries for the Norwegian workforce has led to challenging profitability for the industry in general. Multiconsult’s strong market position, flexible business model and wide service offering provides a sound base for further growth, both domestic and international.
A presentation of the first quarter 2017 results will be held today, 22 May, at 09:00 CET at Hotel Continental, Stortingsgaten 24/26, Oslo.
The presentation will be held by CEO Christian Nørgaard Madsen and CFO Anne Harris.
A live webcast from the presentation can be accessed at www.multiconsult-ir.com and http://webtv.hegnar.no/presentation.php?webcastId=52727275
For further information, please contact:
Mirza Koristovic, Head of Investor Relations
Phone: +47 93 87 05 25
Gaute Christensen, VP Communications
Phone: +47 911 70 188