MT Højgaard Holding A/S: Strong results in a focused Group
22 Febbraio 2024 - 8:00AM
UK Regulatory
MT Højgaard Holding A/S: Strong results in a focused Group
FULL-YEAR RESULTS
MT Højgaard Holding generated strong results in 2023 and took
important steps to focus the Group and sharpen the profile of our
Danish core business, which continued to generate profitable growth
and holds a strong market position.
- Group revenue increased by 21% to DKK 9.8 billion (guidance:
DKK 9.5-10.0 billion), driven by growing business activity in a
slowing market.
- Operating profit before special items increased by 23% to DKK
409 million (guidance: around DKK 400 million), lifting the EBIT
margin to 4.2% after a particularly strong contribution from MT
Højgaard Danmark. EBIT increased 26% to DKK 389 million.
- Cash flows from operating activities improved substantially to
DKK 793 million, from DKK 213 million last year.
- The Group reduced its interest-bearing debt from DKK 528
million to a deposit of DKK 240 million driven by strongly improved
working capital.
- Return on invested capital rose by 14.3 percentage points to
32.2%.
- The share of revenue generated by projects with sustainability
certifications or pre-certification rose to 37.2% (2022:
33.8%).
- Following a decision in October 2023 to wind up the Group’s
international operations, the result of MT Højgaard International
is reported as “Profit/(loss) from discontinuing operations”
together with Scandi Byg and the effect of the earn-out agreement
from the sale of Ajos in 2021.
STABLE ORDER BOOK
A cautious approach in a challenging market resulted in a
slightly larger order book at the end of the year.
- The order intake was DKK 10.0 billion, against DKK 11.6 billion
last year, based on a selective approach to ensure profitable
growth in a market characterised by intensifying price
competition.
- 21% of the order intake came from strategic construction
partnerships and other collaboration projects.
- The order book rose 1% to DKK 13.5 billion.
- In addition, the Group had orders awarded but not yet
contracted for DKK 1.6 billion, contributions from strategic
construction partnerships at an estimated future value of around
DKK 5.2 billion and joint ventures with a value of around DKK 1
billion.
OUTLOOK FOR 2024
MT Højgaard Holding expects stable, profitable growth based on a
healthy order book, a solid pipeline and a strong exposure to the
growth segments of the market.
- Revenue is forecast to be in the DKK 10-10.5 billion range,
against DKK 9,8 billion in 2023.
- Operating profit (EBIT) is expected to be in the range of DKK
400-425 million, against DKK 389 million in 2023.
- All three business units are expected to improve their earnings
and margins, driven by high capacity utilisation, better
contribution ratios and optimised processes.
“We safely navigated a challenging construction and civil
engineering market in 2023 and decided to wind up our international
activities to focus on the profitable Danish core business, which
has created growth in revenue and earnings for five years running.
We must capitalise on our solid order book and strong market
position to continue to lift earnings in 2024,” says CEO Steffen
Baungaard.
Contact
CEO Steffen Baungaard and CFO Rasmus Untidt may be contacted on
telephone +45 31 21 68 72.
Steffen Baungaard and Rasmus Untidt will be presenting the
annual report at a conference call today (22 February 2024) at
10:00 a.m. (CEST). Click here to follow the conference call
live.
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Grafico Azioni Hoejgaard Holding A/s (LSE:0JD8)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Hoejgaard Holding A/s (LSE:0JD8)
Storico
Da Giu 2023 a Giu 2024