ABL Group ASA: Q2 2023 financial results

HIGHLIGHTS Q2 2023

• Revenues of USD 67.9 million (Q2 22: USD 41.4 million)
• Operating profit of USD 4.4 million (Q2 22: USD 3.9 million)
• Adjusted EBIT of USD 5.3 million (Q2 22: USD 4.4 million)
• Net cash of USD 14.6 million (Q1 23: USD 16.3 million)
• Acquisition of AGR completed in April
• Semi-annual dividend of NOK 0.35 per share paid in June

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:

“The second quarter of 2023 represents another step change in the development of ABL Group. The acquisition of AGR accounted for a large element of year-on-year growth at 64%, but organic growth of 47% in renewables consultancy OWC confirms we are well-placed to access active energy markets.

I retain a positive outlook for ABL Group for the second half of 2023. Whilst our activity in the maritime sector will remain relatively flat, clients’ increased expenditure on oil & gas projects provides activity for 2023 and beyond. We remain confident in the offshore wind market following the record high level of investment commitments announced year to date, and are pleased to have secured the acquisition of Delta Wind Partners to strengthen our market presence across the life cycle of projects.”

A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit our Reports and Presentations page.

The quarterly report and a corresponding slide presentation are available on www.newsweb.no and on our Reports and Presentations page.