Continued strong market outlook for NRC Group

Continued strong market outlook for NRC Group

PR Newswire

LYSAKER, Norway, Feb. 17, 2021

LYSAKER, Norway, Feb. 17, 2021 /PRNewswire/ -- Full-year 2020 revenue was NOK 6,449 million, an increase of 4% from 2019. Group EBITA was NOK 50 million, compared with NOK 55 million in 2019. EBITA margin was 0.8% in 2020 and in line with the announcement of estimated financial results from 21 January 2021.

In Norway, the EBITA of NOK -43 million is mainly explained by lower revenue in the civil construction due to low order intake during the year, and low profitability in the demolition- and recycling business. Finland had a strong quarter with a revenue of NOK 740 million (NOK 713 million in Q4 2019). EBITA margin was 8.4% in the quarter, an increase from 4.1% last year, mainly explained by strong project execution in the light rail projects. In Sweden, revenues increased from NOK 370 million to NOK 396 million, with EBITA of NOK -22 million (NOK -83 million in Q4 2019).

"We implemented several actions in 2020 to restore our profitability, but even with many great achievements we did not reach our profitability target. By systematically addressing new challenges the same structured way as we did in 2020, I'm confident that we will improve significantly in 2021. The improvement measures will continue, and the priority is to restore profitability, said Henning Olsen, CEO of NRC Group.

NRC Group has identified an addressable tender pipeline of approximately NOK 21 billion for the next nine months, an increase of NOK 5 billion compared to the same time in 2020. In Finland, the tender pipeline is doubled to NOK 5 billion, compared to three months ago. In Norway and Sweden, the tender pipeline is also still strong.

"Our mission is to build infrastructure for tomorrow, and we will continue to go the extra mile to find sustainable solutions for our society and people. The addressable tender pipeline confirms a strong outlook for our investments going forward", said Olsen.

 For further information, please contact:

Henning Olsen, CEO of NRC Group, + 47 91 74 15 92.

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Henning Olsen CEO NRC Group

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