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August 22, 2024

For further information, please contact:

Investors and financial media

Stuart Jackson, CFO, ABL Group ASA
Telephone: +971 4 3793612

Other media enquiries

Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About ABL Group ASA

ABL Group (OSE: ABL Group ASA – ticker code “ABL”) is a leading independent global consultancy delivering energy, marine, engineering and digital solutions to drive safety and sustainability in renewables, maritime and oil & gas sectors. The group has offices in 39 countries worldwide and operates under four brands: ABL, OWC, Longitude and AGR.

ABL Group ASA: Q2 2024 financial results

22 August 2024 – ABL Group’s 2024 second-quarter results

Highlights Q2 2024

  • Revenues of USD 68.6 million (Q2 23: USD 67.9 million)
  • Operating profit of USD 2.2 million (Q2 23: USD 4.4 million)
  • Adjusted EBIT of USD 2.8 million (Q2 23: USD 4.9 million)
  • Net cash of USD 10.8 million (Q1 24: USD 19.4 million)
  • Acquisition of Ross Offshore completed in June
  • Semi-annual dividend of NOK 0.40 per share paid in June

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

“In 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.  However, I remain positive on the outlook for our business as a whole.

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.

However, the pause in the renewables sector, and offshore wind in particular, weighs 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.  But, recent indications are that the recovery will take longer to materialise than anticipated. As 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.”

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.

The quarterly report and a corresponding slide presentation are available on our Reports and Presentations page.

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.