LYSAKER, Norway, Nov. 10, 2020
LYSAKER, Norway, Nov. 10, 2020 /PRNewswire/ -- NRC Group, the Nordic infrastructure company presented today its financial results for the third quarter 2020. Revenue for the quarter was NOK 1.96 billion, a growth of 6% measured against the third quarter of 2019. The order backlog at the end of September amounted to NOK 6.8 billion after winning NOK 341 million of new orders during the quarter. Operating profit before amortisations and M&A expenses (EBITA) was NOK 88 million (NOK 105 million in Q3 2019).
"We see continued strong outlook for investments in sustainable infrastructure in 2021, confirmed by budget proposals in all three countries. Our main priority is winning new projects at the right terms. This is key to being able to develop our people, our organisation and a sustainable company for the future", said Henning Olsen, the CEO of NRC Group.
Finland performed well in this quarter, with light rail projects as the main driver for both growth and increased profitability. In Norway, a low activity level and weaker margins within Environment lead to lower profitability. Most of the Swedish portfolio performed well, and our improvement program has reduced our fixed cost base significantly. Unfortunately, still challenges in some of the zero margin projects impacted the results negatively.
"We continue to improve our project execution, optimize our core processes, grow our talents and enhance our reputation across divisions and countries," Olsen continued.
A global rising rate of coronavirus infection leads to higher uncertainty for many companies. Governmental restrictions and recommendations are intensified across the Nordics, as the numbers of affected are at highest levels since March. The pandemic has had limited operational impact for NRC Group so far. Although newly announced restrictions related to workforce mobility in some countries will lead to higher cost for the impacted projects.
"We continue a sharp focus on adopting guidelines and policies to handle COVID-19 outbreaks. Our employees have quickly adopted to work-from-home conditions and ensured business continuity during this quarter. This adoption is crucial to support our customers successfully and will continue to be. I want to use the opportunity to thank our nearly 2,000 employees for the effort put in and high-quality work delivered during this quarter." Olsen added.
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