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14.11.2024 07:00:00 CET | Nekkar ASA | Additional regulated information required to be disclosed under the laws of a member state
14 November 2024 – Nekkar ASA (Nekkar) delivered a solid net profit of NOK 42 million in this year’s third quarter, up 91 percent from the same quarter last year (22). Revenue ended at NOK 140 million in the quarter (162) and EBITDA was NOK 14 million (29), giving a margin of 10.3 percent (17.8%). Further, Nekkar today announces an ambition to reach NOK 2+ billion in revenues in 2027.
“Our strong net profit is driven by the successful turnaround in aquaculture supplier FiiZK and contribution from our portfolio companies. Revenue was down this quarter due to lower activity in Syncrolift, but the combination of recently won contracts and continued high tender activity in all our segments means that we maintain our growth outlook,” says Ole Falk Hansen, CEO of Nekkar.
Order intake was NOK 83 million in this year’s third quarter (61), driven by new Syncrolift contracts in Dubai and Germany. Nekkar’s order backlog stood at NOK 704 million at the end of the quarter (747), giving good visibility for 2024 and 2025. The order backlog does not include the recently won NOK 164 million contract with the Norwegian Defence Estate Agency.
“Syncrolift has recently won strategically important contracts to deliver shiplifts and ship transfer systems for submarines in both Norway and Germany. Syncrolift is the world’s only supplier with experience from integrated solutions – lift and transfer system – for submarine handling. This puts the company in a unique position to benefit from the extensive growth in the naval market that has been predicted for the next decade,” adds Ole Falk Hansen.
Nekkar's balance sheet remains strong with NOK 159 million in cash as of 30 September 2024, no interest-bearing debt, and an undrawn credit facility of NOK 200 million.
FIIZK TURNAROUND
Associated company FiiZK, in which Nekkar holds a 39 percent stake, completed the divestments of FiiZK Digital and majority of FiiZK Protection during the third quarter. The sales were part of a streamlining where FiiZK will focus on unconventional farming methods including closed and semi-closed cages for fish farming. The two non-core businesses were sold for an enterprise value of NOK 215 million. Subsequent to the end of the third quarter, FiiZK was awarded a contract to deliver two large, “Protectus” closed fish cages to an undisclosed Norway-based fish farmer.
“We invested NOK 50 million for our 39 percent ownership share in FiiZK. Based on the proceeds from the divested businesses and the recent market breakthrough for FiiZK’s new closed cage technology, this investment looks very promising so far,” says Ole Falk Hansen.
BUSINESS SEGMENT UPDATE
Nekkar's most mature business, Syncrolift, which is the world's leading supplier of shiplifts and ship transfer systems, delivered revenue of NOK 110 million (149) in this year's third quarter. The revenue slowdown was partly due to loss of projects earlier in the year.
Intellilift delivered revenue of NOK 12 million in this third quarter, a doubling from the same period last year (6). The company also secured an expansion of the purchase order for a new drilling control system in the quarter.
Techano Oceanlift had revenue of NOK 10 million (9) but with softer margins on its market entry projects. Revenue in the quarter were affected by lower progress on existing crane projects.
During the third quarter, Nekkar completed the acquisition of 67 percent of the shares in maritime connectivity and digital service provider Globetech AS. Globetech contributed NOK 9 million in revenue in the quarter, but was only consolidated in from 15 August 2024. Since the acquisition, Globetech has added 20 vessels under recurring service agreement and now supports approximately 170 vessels.
NOK 2BN+ AMBITION
Nekkar today announces its strategic priorities towards 2027. The Group’s plan is to continue the development and organic growth of Nekkar’s current operating companies, and to develop a strategically balanced Nekkar portfolio through M&A activity. This will be underpinned by solid underlying operations with focus on profitability, cash flow generation and disciplined capital allocation.
Nekkar is currently majority shareholder of four portfolio companies. By 2027 the company plans to increase this to 6-8 companies. The ambition is to reach NOK 2+ billion in revenue in 2027. LTM revenue per 30 September 2024 for Nekkar’s four portfolio companies and its associated company FiiZK is NOK 888 million.
“Our NOK 2 billion target is partly based on the attractive growth opportunities we see within our current portfolio. This will be coupled with selective, accretive acquisitions. We have demonstrated our ability to combine effective capital allocation with strategic and cost-effective acquisitions. Market analysts predict increased investment in all our market segments, including naval, maritime, offshore energy and aquaculture, and we aim to capitalise on these market opportunities,” says Ole Falk Hansen.
PRESENTATION AT 08:00 AM TODAY
Nekkar ASA invites investors, analysts and media to a presentation of the company’s third quarter 2024 financial results today at 08:00 CET
The webcast presentation can be viewed from this URL: https://channel.royalcast.com/landingpage/hegnarmedia/20241114_9/
Questions can be submitted during the live webcast. The Q3 presentation material is enclosed to this announcement.
LUNCH PRESENTATION
In addition, Nekkar will hold a physical presentation at 11:00 (CET) today at SEB, Filipstadveien 10 (Building B, 8th floor), Oslo. Attendees can pre-register at ca@seb.no
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Contacts
- Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com
About Nekkar ASA
Nekkar (OSE: NKR) is an industrial technology group offering impact technologies combined with high-end software solutions. The group combines 50 years' heritage from the world's number one shiplift company, Syncrolift, with new investments into sustainable, digitalised technology businesses that aim to unlock growth within ocean-based industries such as offshore energy, renewables and aquaculture.