9 March 2023 - Inin Group AS, a Norwegian investment company focused on
infrastructure and industry services, reported strong growth and improved
results for the second half and full-year 2022.
Pro-forma revenue for the second half of 2022 was NOK 133 million, up 90% from
the corresponding period in 2021, while pro-forma EBIT was NOK 1 million. For
the full year 2022, pro-forma revenue was NOK 232 million, up from NOK 118
million in 2021, and pro-forma EBIT was NOK 1 million, an improvement from NOK
-12 million in 2021.
The company's order backlog was NOK 263 million at year-end, providing good
visibility for further growth and a positive cash result in 2023. Inin Group
plans to continue pursuing acquisitions and implementing a buy-and-build
strategy within infrastructure and industry services niches in the Nordics.
"The group delivers strong revenue growth and a significantly improved EBIT, and
even better than we guided in September last year. The pro-forma numbers reflect
the high activity in the infrastructure segments we are present in, and our
subsidiaries' competitive edge. We have also reduced cash burn from development
companies significantly during the second half of the year," says Øivind
Horpestad, CEO of Inin Group.
The pro-forma figures include Inin Group's current subsidiaries - Nordic
Infrastructure Group (100% ownership, Elop Technology (100%), Hadeland Elektro
(65%) and Nordic Inspekt Group AB (65%) - on a full-year basis.
SOLID ORDER BACKLOG
During the second half of 2022, both Nordic Infrastructure Group and Hadeland
Elektro secured multiple new contracts. At year-end Inin Group's order backlog
stood at a healthy NOK 263 million, up from NOK 41 million at the same time in
"Our order backlog going into 2023 is higher than our total pro-forma revenue in
2022. This demonstrates that the competence of our subsidiaries is sought-after
and that we are targeting the right niches within the infrastructure space,"
says Øivind Horpestad.
Further, after year-end, Inin Group has announced new contracts with a revenue
potential in excess of NOK 50 million.
HIGH M&A ACTIVITY
In addition to the investments in Nordic Infrastructure Group and Hadeland
Elektro, Inin Group has actively pursued other investments. On 20 December 2022,
Nordic Inspekt Group AB's potential acquisition of testing, inspection, and
certification company NSK Sweden was announced. Further, on 16 January 2023 it
was announced that Nordic Infrastructure Group has agreed the principal terms of
an agreement to acquire 100 percent of the shares in railway contractor Team
Moreover, on 21 February, Inin Group announced that it had received a USD 30
million non-binding offer for the potential sale of wholly owned subsidiary Elop
Yesterday, Inin Group announced further structural and commercial changes that
will transform 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. To ensure
cost-efficient implementation of strategy, accountability and recruitment of
experienced investment professionals, a private equity-like structure will be
implemented for the future development and management of Inin Group's investment
A solid order backlog of NOK 263 million provides good visibility in 2023 for
Inin Group. In total, 74 percent of budgeted 2023 revenue of NOK 355 million,
for current Inin Group-owned businesses, is in the order backlog.
Continued high tendering activity is expected as maintenance requirements of
public rail infrastructure continues to grow.
"We have spent a lot of time and energy in 2022 to get our new platform for
profitable growth in place. Now we can fully capitalize on this work. Overall,
we expect strong revenue growth in 2023 versus 2022, and with positive EBIT in
2023," says Øivind Horpestad, CEO of Inin Group.
Inin Group expects to close acquisitions and initiate new acquisition processes
during the coming quarters.
PRESENTATION AT 08:30 (CET) TODAY
Inin Group will hold a webcast presentation of the H2 2022 results at 08:30
(CET) today. Presenters are CEO Øivind Horpestad and CFO Birger Bjørnstad
Register for the online event at: https://cutt.ly/Inin_H2
Questions can be submitted during the live webcast.
The presentation material, including Inin Group's IFRS accounting figures, 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