(Oslo, Norway, 17 August 2023) Arribatec Group ASA (OSE:ARR, Arribatec) today reported revenues of NOK 148.2 million in the second quarter of 2023, up 23% from NOK 120.2 million in the corresponding quarter last year. EBITDA for the quarter was NOK 8.4 million (-11.5), an improvement of NOK 19.9 million compared to Q2 2022. The company has secured several important contracts during the latest months and expects the development to continue.
“We are pleased to report another quarter with record strong organic growth and an EBITDA improvement of NOK 19.9 million compared to a year ago. The solid development proves that we have been able to keep operating cost low while growing faster organically, as we are delivering on our strategy,” says Geir Johansen, CEO of Arribatec.
Arribatec reported revenues of NOK 148.2 million (120.2) in the second quarter of 2023 and a positive EBITDA of NOK 8.4 million (-11.5). The reported EBIT ended at a negative NOK 4.2 million (-24.8), with recognized recurring revenues of NOK 53.9 million (43.6). The company had NOK 41.6 million in cash at the end of the quarter and NOK 20.0 million in an unutilized revolving credit facility.
For the first six months of 2023, Arribatec reported revenues of NOK 298.2 million (246.2) and a positive EBITDA of NOK 13.7million (-17.7), an improvement of NOK 31.4 million compared to the first half of 2022.
“The effects of the restructuring of Arribatec Marine yield returns, in addition to business unit Hospitality being close to EBITDA break-even in the second quarter. Good project delivery and cost control across the board highlights the satisfactory EBITDA improvement, and building upon the several important contract wins over the latest months we expect the positive development to continue,” Johansen concludes.
The Board of Directors’ financial report for the second quarter of 2023 is enclosed.
The presentation will be streamed live at 09:00 CET at:
https://www.arribatec.com/arribatec-q2-2023/
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the 2022 fourth-quarter report on pages 33/34.
ENDS
For additional information, please contact:
Geir Johansen, CEO, Arribatec Group ASA: +47 4771 0451
Martin Nes, Chairman of the Board, Arribatec Group ASA: +47 920 14 814
This information is considered to be inside information according to the EU Market Abuse Regulation. It is subject to disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Geir Johansen, CEO, Arribatec Group ASA, on 17 August 2023 at 07:30 CET.
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