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ABL Group ASA: Q2 2022 financial results

Highlights Q2 2022

  • Revenues of USD 41.4 million (Q2 21: USD 38.3 million)
  • Operating profit of USD 3.9 million (Q2 21: USD 2.3 million)
  • Adjusted EBIT of USD 4.7 million (Q2 21: USD 2.8 million)
  • Net cash of USD 8.7 million (Q1 22: USD 10.4 million)
  • Sale of Adjusting business unit completed end of May
  • Acquisition of Add Energy completed post quarter end in July

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:
“The second quarter of 2022 represents the highest revenues, EBIT and EBIT margin in the company’s history. In combination with what was a record-breaking first quarter, the first half of 2022 as a whole represents a step change in activity for ABL Group. These results are testament to the relentless efforts of our staff around the globe, and I am continuously impressed by the quality and commitment delivered across our organisation every day.

Revenues grew 8% year-on-year, primarily driven by our renewables consultancy OWC and specialist engineering consultancy Longitude, growing 25% and 35%, respectively, compared to the same quarter last year. Profitability was solid across most regions, enabling our all-time high operating margin in the quarter.

Our market outlook remains upbeat, as increased focus on energy security is expected to lead to increased demand for our services across renewables and oil and gas. This increased activity is likely to result in rate and cost inflation, and we remain focused on staying ahead of the curve as the market develops.

Finally, we are excited by our acquisition of Add Energy just after the conclusion of the quarter. The acquisition adds several strings to our bow, notably with new service lines within asset integrity and well engineering, management and servicing. It represents a significant strengthening of our capabilities in the operating phase of renewables and oil and gas projects. The addition of approximately 140 top quality staff is also key to provide capacity to service the anticipated growth within all market segments.”

A presentation of the quarterly results will be held today at 08:30 CET at SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit our Reports and Presentations page.

Katherine Phillips, Managing Director of OWC, will also hold a technical presentation on opportunities and risks in the floating offshore wind market. The presentation is expected to start at 09:30 CET and will be webcast live on the same feed as the quarterly presentation.

The quarterly report and a slide deck for the quarterly presentation are available on www.newsweb.no and on our Reports and Presentations page.

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Oil & Gas