1 June 2023 - Inin Group AS, an investment company focused on infrastructure and
industry, delivered revenue of NOK 57.6 million in this year's first quarter, up
71 percent from the same quarter last year (NOK 33.8 million). EBIT was NOK -8.3
million in the first quarter, an improvement from NOK -10.9 million in the
corresponding quarter last year, affected by normal seasonality in the winter
"I am pleased to see that we deliver an expected strong revenue growth in the
quarter. The negative EBIT is to a large degree explained by seasonality effects
as the first quarter is traditionally slow in the infrastructure industry. We
are experiencing a strong market with high tender activity, solid order intake
and a rising order backlog, which bodes well for the coming quarters," says
Øivind Horpestad, CEO of Inin Group.
Inin Group secured multiple new contracts during the first quarter. The group's
order backlog stood at NOK 290 million at the end of March, up from NOK 263
million at the beginning of the year.
Subsequent to the end of the first quarter 2023, Inin Group has announced more
than NOK 70 million in new contracts.
In March, Inin Group announced changes that had transformed the company to a
fully-fledged, listed investment vehicle with a long-term investment horizon,
focusing on a buy-and-build strategy within infrastructure and industry services
niches in the Nordics.
As of 31 March 2023, Inin Group consists of three investment platforms: Rail
Infrastructure, Power Distribution, and TIC - testing, inspection and
certification. In addition, the group has a Non-core platform.
During the first quarter, Inin Group signed a term sheet for a potential
acquisition and established a joint venture-business within the Rail
Infrastructure investment platform.
So far in 2023, Inin Group has closed one acquisition and signed a term sheet
for another acquisition within the TIC investment platform, established a joint
venture business and signed two term sheets for potential acquisitions within
the Rail Infrastructure investment platform. In addition, Inin Group has signed
a term sheet to acquire TW Gruppen AS, which will establish Mass Handling &
Recycling as a fourth investment platform.
"We have a vertical-focused buy-and-build strategy. We aim to create value
through a combination of M&A and organic growth and development initiatives. Our
M&A activity level has been very high so far in 2023 and we expect to close
several of the acquisitions during the second and third quarter. This will
significantly strengthen our revenue and earnings potential going forward," says
A solid order backlog of 290 million provides good visibility for the current
Inin Group. Continued high tendering activity is expected as maintenance
requirements of public rail infrastructure continues to grow.
Through the combination of Inin Group's current platforms and announced
acquisitions, Inin Group aims to deliver pro forma revenues of more than NOK 700
million in 2023, up from NOK 222 million in 2022.
PRESENTATION AT 08:30 (CET) TODAY
Inin Group will hold a webcast presentation at 08:30 (CET) today. Presenter is
CEO Øivind Horpestad.
Register for the online event at: https://bit.ly/Inin-Q1-2023
Questions can be submitted during the live webcast.
The presentation material is enclosed to this announcement.
For further information, please contact:
Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626
About Inin Group AS
Inin Group is an industrial owner that invests into companies within
infrastructure and industry services niches in the Nordics. The group aims to
create value by identifying investment opportunities within profitable niches
with potential for development, consolidation and growth, working in
collaboration with portfolio companies to deliver sustainable growth and
superior profitability. For more information, please visit: www.inin.no
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Fredrik Ekholm, Head of Strategy, Inin Capital
Partners, on 1 June.