{"id":121407,"date":"2024-08-22T05:00:00","date_gmt":"2024-08-22T04:00:00","guid":{"rendered":"https:\/\/abl-group.com\/abl\/?p=121407"},"modified":"2024-08-22T04:50:01","modified_gmt":"2024-08-22T03:50:01","slug":"abl-group-asa-q2-2024-financial-results","status":"publish","type":"post","link":"https:\/\/abl-group.com\/abl\/all-media\/news\/investor-news\/2024\/abl-group-asa-q2-2024-financial-results\/","title":{"rendered":"ABL Group ASA: Q2 2024 financial results"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\" id=\"h-22-august-2024-abl-group-s-2024-second-quarter-results\">22 August 2024 \u2013 ABL Group\u2019s 2024 second-quarter results<\/h4>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-highlights-q2-2024\">Highlights Q2 2024<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenues of USD 68.6 million (Q2 23: USD 67.9 million)<\/li>\n\n\n\n<li>Operating profit of USD 2.2 million (Q2 23: USD 4.4 million)<\/li>\n\n\n\n<li>Adjusted EBIT of USD 2.8 million (Q2 23: USD 4.9 million)<\/li>\n\n\n\n<li>Net cash of USD 10.8 million (Q1 24: USD 19.4 million)<\/li>\n\n\n\n<li>Acquisition of Ross Offshore completed in June<\/li>\n\n\n\n<li>Semi-annual dividend of NOK 0.40 per share paid in June<\/li>\n<\/ul>\n\n\n\n<p>Reuben Segal, CEO of ABL Group ASA (\u201cABL Group\u201d or the \u201cCompany\u201d) commented:<\/p>\n\n\n\n<p><em>\u201cIn Q2 2024 our revenue growth was somewhat curtailed by the continued pause in the offshore wind market, and we were not able to replicate the strong EBIT levels attained last year.&nbsp; However, I remain positive on the outlook for our business as a whole.<\/em><\/p>\n\n\n\n<p><em>Our ABL and AGR businesses performed reasonably well and I expect the acquisition of Ross Offshore, completed in Q2, to further expand our AGR business segment offering.<\/em><\/p>\n\n\n\n<p><em>However, the pause in the renewables sector, and offshore wind in particular, weighs<\/em> on our quarterly results for OWC and has some rollover effect in Longitude. The offshore wind sector remains a strong market with high growth potential, and we are very well positioned to take advantage of it.\u00a0 But, recent indications are that the recovery will take<em> longer to materialise than anticipated.\u00a0As a consequence, we continue to proactively manage the business in the more challenging near-term market so that we lead the market in the recovery.\u201d<\/em><\/p>\n\n\n\n<p>A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets\u2019 office at Olav Vs gate 5, 0161 Oslo. The event will be <a href=\"https:\/\/channel.royalcast.com\/landingpage\/hegnarmedia\/20240822_4\/\">webcast live<\/a> and available for replay shortly after.<\/p>\n\n\n\n<p>The quarterly report and a corresponding slide presentation are available on our <a href=\"https:\/\/abl-group.com\/abl\/investor-relations\/reports-and-presentations\/\">Reports and Presentations page<\/a>.<\/p>\n\n\n\n<p>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 of the Norwegian Securities Trading Act.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>22 August 2024 \u2013 ABL Group\u2019s 2024 second-quarter results Highlights Q2 2024 Reuben Segal, CEO of ABL Group ASA (\u201cABL Group\u201d or the \u201cCompany\u201d) commented: \u201cIn Q2 2024 our revenue growth was somewhat curtailed by the continued pause in the offshore wind market, and we were not able to replicate the strong EBIT levels attained [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[977],"tags":[],"sector":[],"service":[],"company":[],"class_list":["post-121407","post","type-post","status-publish","format-standard","hentry","category-977"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.4) - 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