DOVRE GROUP’S FINANCIAL STATEMENT RELEASE 1.1.–31.12.2023:
The information presented in the report has not been audited.
October–December 2023
- Net sales grew by 5.6% to
EUR 50.8 (48.1) million. The growth was driven especially by Project Personnel.- Project Personnel: net sales totaled
EUR 29.3 (23.0) million – increase of 27.2 %. - Consulting: net sales totaled
EUR 3.9 (4.8) million – decrease of 19.1%. - Renewable Energy: net sales totaled
EUR 17.6 (20.2) million – decrease of 13.0%.
- Project Personnel: net sales totaled
- EBITDA was
EUR 1.8 (2.5) million – decrease of 28.0%. - Operating profit was
EUR 1.5 (2.1) million – decrease of 28.6%. - Profit before tax was
EUR 1.4 (1.4) million. - Earnings for the shareholders of the parent company
EUR 1.0 (1.1) million. - Earnings per share were
EUR 0.009 (0.010). - Net cash flow from operating activities totaled
EUR -0.1 (2.5) million.
January–December 2023
- Net sales declined by 3.1% to
EUR 196.7 (203.0) million.- Project Personnel: net sales totaled
EUR 108.8 (90.6) million – increase of 20.0% - Consulting: net sales totaled
EUR 16.5 (18.2) million – decrease of 9.1%. - Renewable Energy: net sales totaled
EUR 71.4 (94.2) million – decrease of 24.2%.
- Project Personnel: net sales totaled
- EBITDA was
EUR 8.4 (9.5) million – a decrease of 11.2%.
- Operating profit was
EUR 7.4 (8.5) million – decrease of 12.6%. - Profit before tax was
EUR 6.3 (7.4) million includingEUR -1.1 (-1.0) million of finance items. - Earnings for the shareholders of the parent company was
EUR 4.1 (5.2) million – decrease of 21.2%. - Earnings per share totaled
EUR 0.038 (0.049). - Net cash flow from operating activities was
EUR 0.1 (2.6) million.
The Board proposes
Last year’s corresponding period is shown in parentheses.
OUTLOOK FOR 2024
POLICY CHANGE OUTLOOK
Publishing the outlook latest in April will be a permanent policy change for
CEO
The year 2023 was marked by both challenges and achievements for
However, the year was not without trials. The Renewable Energy segment faced downward pressures, with net sales decreasing by 24.2% that were caused by a reduction in the number and size of new projects in the Finnish Renewable Market sector. Meanwhile, Consulting experienced a 9.1% decline in sales, influenced by a slower market owing to new legislation for hire in
Our operating profit experienced a 12.3% decline, primarily stemming from reduced sales. This decrease can also be ascribed to our ongoing investment in future growth areas and our commitment to maintaining a high level of service quality. Moreover, this should be viewed in the context of the broader industry trend, where many players have faced similar obstacles. However, our strategic initiatives – along with a renewed focus on sustainability – have positioned us well to rebound as market conditions improve.
The year 2023 was also one of strategic recalibration. In response to the shifting market conditions, we intensified our focus on sectors showing strong growth potential, particularly in Project Personnel. Our ability to secure new frame agreements and extend existing ones has been central to this segment's success, demonstrating the enduring strength of our relationships and the value of our service offering.
In Q4 we initiated and completed restructuring of our Project Personnel unit in
In Consulting and Renewable Energy, the challenges have prompted a thorough review of our strategies. Our focus has shifted towards refining our approach to these markets, identifying new avenues for innovation, and leveraging our strengths to navigate in the market that lies ahead.
Our commitment to sustainable development was evident in several landmark projects.
Market cyclicality has posed some hurdles but also opportunities for growth and innovation. Our presence in several geographical regions exposes us to varying economic and political climates. Additionally, the ongoing global shift towards renewable energy presents opportunities in balancing our project portfolio. Addressing these risks is central to our strategy. As a result, we are enhancing our risk management frameworks, diversifying our service offerings, and continuously adapting to market demands.
Looking ahead, we approach the future with cautious optimism, recognizing the growing demand for energy solutions and the opportunities it presents, particularly in renewable sources. This demand drives our focus on delivering sustainable solutions and professional services to our clients and stakeholders.
GROUP’S KEY FIGURES
EUR million | 10–12 2023 | 10–12 2022 | Change % | 1–12 2023 | 1–12 2022 | Change % |
Net sales | 50.8 | 48.1 | 5.6 | 196.7 | 203.0 | -3.1 |
EBITDA | 1.8 | 2.5 | -28,0 | 8.4 | 9.5 | -11.2 |
% of net sales | 3.5 | 4.7 | 4.3 | 4.7 | ||
Operating profit | 1.5 | 2.1 | -28.6 | 7.4 | 8.5 | -12.6 |
% of net sales | 3.0 | 4.2 | 3.8 | 4.2 | ||
Profit before taxes | 1.4 | 1.4 | 6.3 | 7.4 | -15.2 | |
% of net sales | 2.8 | 3.9 | 3.2 | 3.7 | ||
Earnings for the shareholders of the parent company | 1.0 | 1.1 | -8.2 | 4.1 | 5.2 | -20.4 |
% of the net sales | 2.0 | 2.6 | 2.1 | 2.5 | ||
Net cash flow from operating activities | -0,1 | 2.5 | 0.1 | 2.6 | -100,0 | |
Net debt | 1.2 | -3.0 | -53.6 | -1.4 | -3.0 | -54.0 |
Debt-equity ratio % (Gearing) | 3.1 | -8.8 | 3.1 | -8.8 | ||
Earnings per share, EUR | ||||||
Undiluted | 0.009 | 0.010 | -10.0 | 0.038 | 0.049 | -20.6 |
Diluted | 0.009 | 0.010 | -10.0 | 0.038 | 0.049 | -20.6 |
BOARD OF DIRECTORS’ PROPOSAL FOR DISTRIBUTION OF A DIVIDEND
On
The Board proposes
FINANCIAL REPORTING IN 2024
- Trading statement January-
March 2024 onThursday, April 25 th, 2024 - Half-year financial report January-
June 2024 onThursday, August 15 th, 2024 - Trading statement January-
September 2024 onThursday, October 24 th, 2024
Dovre Group’s Financial Statements 2023 and Annual Report 2023 will be published online at the latest during the week beginning
The company’s Annual General Meeting is planned to be held on
Espoo,
BOARD OF DIRECTORS
For additional information, please contact:
CEO
arve.jensen@dovregroup.com
tel. +47 90 60 78 11
CFO
hans.sten@dovregroup.com
tel. +358 20 436 2000
Distribution
Nasdaq Helsinki Ltd
Major media
www.dovregroup.com
Attachment
- Dovre Group Plc_FSR_
January 1 - December 31 2023_EN
© OMX, source