(Información remitida por la empresa firmante)
Operating expenses consist of employee benefit expenses and other operating expenses. Operating expenses increased by 17.5 per cent to NOK 889.8 million (757.3) compared to the same quarter in 2022. Employee benefit expenses increased by 18.3 per cent due to ordinary salary adjustment, increased manning level from acquisitions and significant increase in net recruitment. Other operating expenses increased to NOK 137.4 million (121.6), an increase of 13.0 per cent mainly due to higher office expenditure including office expenses from acquired companies, cost related to a higher manning level, IT-cost and cost increase in general. EBITDA was NOK 87.2 million (118.7), a decrease of 26.5 per cent compared to the same period last year, reflecting an EBITDA margin of 8.9 per cent (13.5) in the quarter.
EBITA was NOK 29.2 million (67.8), reflecting an EBITA margin of 3.0 per cent (7.7) in the quarter.
Calendar effect. In the third quarter of 2023 there was one less working day compared to the third quarter 2022. This had an estimated negative impact of NOK 16.6 million on net operating revenues and on operating results for the group when comparing the figures.
FINANCIAL REVIEW, YEAR TO DATE 2023:
Net operating revenues increased by 12.4 per cent to NOK 3 441.0 million (3 062.6), when compared to the same period last year. The organic revenue growth amounted to 10.7 per cent adjusted for calendar effect and acquisition. The increase in net operating revenues was mainly driven by higher capacity, reflected by an increase in full-time equivalents (FTE) of by 6.7 per cent and higher billing rates. The growth in net operating revenues was offset by lower billing ratio which came in at 70.4 per cent (70.7).
Operating expenses consist of employee benefit expenses and other operating expenses. Operating expenses increased by 14.4 per cent to NOK 2 973.3 million (2 598.8) compared to the same period last year. Employee benefit expenses increased by 14.8 per cent and amounted to NOK 2 545.3 million (2 217.9), an increase mainly driven by ordinary salary adjustment, increased manning level from acquisitions and net recruitment. Other operating expenses increased by 12.3 per cent to NOK 428.0 million (380.9), mainly due to higher office expenditure including office expenses from acquired companies, cost related to a higher manning level, IT-cost and cost increase in general.
EBITDA was NOK 467.7 million (463.8), a decrease of 0.8 per cent compared to the same period last year, reflecting an EBITDA margin of 13.6 per cent (15.1).
EBITA was NOK 301.1 million (311.7), a decrease of 11.5 per cent y-o-y, reflecting an EBITA margin of 8.8 per cent (10.2).Net operating revenues increased by 12.7 per cent to NOK 2 464.0 million (2 186.6), when compared to the same period last year. The billing rates continued to improve and contributed positively on net operating revenues. Billing ratio came in at 71.5 per cent down 0.1pp. Organic growth in the period was 11.6 per cent, adjusted for calendar effect and acquisition.
OUTLOOK
The market outlook for Multiconsult’s services is still good but has levelled off. Despite this uncertainty, the market outlook remains favourable. There are substantial differences in the market outlook when it comes to certain geographical areas and our business areas, and Multiconsult mobilise to navigate in a more complex environment. The short term pipeline of upcoming projects remains robust, although there is a slight reduction in general market opportunities. Lower investment levels in certain markets are expected to intensify competition and margin pressures. Nevertheless, with a high volume of ongoing projects, a diverse portfolio and a high order backlog, Multiconsult is well-positioned for the future.
For a full review of outlook and report, please refer to our third quarter result 2023 report.
Presentations today 1 November 2023:
Participants are invited to attend the presentations that will be held at our main office: Nedre Skøyen vei 2, Oslo, Norway at 08:30 CET.
The results and the Extended Quarter Presentation will also be presented through a live webcast and be accessed at
https://channel.royalcast.com/landingpage/hegnarmedia/20231101_1/ or through link found at Multiconsult Investor Relation website.
Live webcasts, complete report, presentation and a recording of the webcast will be available on www.multiconsult-ir.com and https://newsweb.oslobors.no/
For further information, please contact:
Investor relations:
Ove B. Haupberg, CFO
Phone: +47 401 00 900
E–mail: oveb.haupberg@multiconsult.no
Media:
Gaute Christensen, VP Communications
Phone: +47 911 70 188
E–mail: gaute.christensen@multiconsult.no
The following files are available for download:
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