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ABL Group ASA: Q3 2023 financial results

Highlights Q3 2023

  • Revenues of USD 70.4 million (Q3 22: USD 44.1 million)
  • Operating profit of USD 5.5 million (Q3 22: USD 3.3 million)
  • Adjusted EBIT of USD 6.8 million (Q3 22: USD 4.0 million)
  • Net cash of USD 14.9 million (Q2 23: USD 14.6 million)
  • Acquisition of Delta Wind Partners completed in August
  • Semi-annual dividend of NOK 0.35 per share declared, to be paid in November

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”), commented:

“We are very happy to report record quarterly revenues and adjusted EBIT in the third quarter of 2023, with improved margins in every business segment compared to our previous quarter. It is also the highest quarterly return on capital employed in the company’s history, in large part due to reduced capital intensity after our acquisition of AGR.

Outlook for ABL Group for the remainder of 2023 and into 2024 is positive. Whilst our activity in the maritime sector is high and stable, clients’ increased expenditure on oil & gas projects provides good prospects for 2024 and beyond. In the offshore wind consultancy market, we expect to see a slowing of the record growth levels recorded thus far in 2023 as markets adjust to increasing cost levels, but we are well positioned to capture market share, and we remain confident in the long-term market trajectory.”

A live webcast presentation of the quarterly results will be held today at 08:30 CET and will be available for replay shortly after. It will be possible to ask questions live on the webcast. To download the presentation and watch the webcast, please visit our Reports and Presentations page.