icon-casualty

+44 (0)20 7264 3250

Casualty Response

Get emergency support now

Investor News

Filter

26 February 2025

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: Q4 2024 financial results

26 February 2025 – ABL Group’s 2024 fourth-quarter results

HIGHLIGHTS Q4 2024

  • Revenues of USD 85.9 million (Q4 23: USD 67.7 million)
  • Operating profit of USD 2.4 million (Q4 23: USD 3.9 million)
  • Adjusted EBIT of USD 3.1 million (Q4 23: USD 4.5 million)
  • Net cash of USD 4.8 million (Q3 24: USD 7.9 million)
  • Proposing semi-annual dividend of NOK 0.45 per share in H1 2025

HIGHLIGHTS FULL YEAR 2024

  • Revenue of USD 309.6 million (2023: USD 251.2 million)
  • Operating profit of USD 10.4 million (2023: USD 16.5 million)
  • Adjusted EBIT of USD 12.5 million (2023: USD 18.8 million)
  • Total dividend of NOK 0.8 per share paid during 2024
  • Completed acquisition of Ross Offshore and Hidromod

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

“Four value-adding acquisitions in a little over 6 months shows our commitment to growing a material consultancy business serving Energy and Oceans. Hidromod added a new service line to the ABL segment; Ross Offshore drove revenue growth in the quarter as we re-enforced the offering of our AGR segment and added marine operations capabilities; and post-quarter end Proper Marine and Techconsult extended our primary design and resourcing activities in the Longitude and AGR segments.

From an operating perspective, in Q4 2024, our revenue growth came predominantly from the addition of Ross Offshore, but Longitude achieved very strong activity levels. Margins are lower than the same period last year for a combination of reasons. Ross Offshore is a structurally lower-margin business, with the marine operations activity seeing significant revenues at pass-through rates on the vessel before we achieve higher margins on value-added services. Additionally, the continued slowdown in the offshore wind market, added to a weaker oil & gas quarter, has weighed on OWC and ABL in the quarter.  Cost initiatives delivered in the quarter will pull these margins up as we enter 2025.

We remain positive about the outlook and our positioning in our key markets despite the long-term energy transition proving more volatile than many had assumed. Offshore oil & gas and maritime sector activity are expected to remain stable throughout 2025 and our global diversification strategy allows us to neutralise any regional shifts in these markets. In the offshore wind market, geopolitical shifts impact decisions, but we are seeing a higher level of tendering, which is expected to see an improvement in activity levels in the 2nd half of 2025.”

A presentation of the quarterly results will be held today at 08:30 CET at Arctic Securities office at Haakon VIIs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visit ABL Group’s website, www.abl-group.com.

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