26 August 2016

Bergen Group shows positive development in Q2 2016

Bergen Group has in Q2 2016 managed to increase turnover, improve profitability and uphold a robust order backlog.

“The extensive organizational and structural measures that were initiated in 2015, has largely given the expected impact”, summarizes CEO Hans Petter Eikeland.

The group has generated profit before finance costs and tax in both Q2 2016 and for the first half of 2016. Revenues have increased from NOK 53 million in Q1 to NOK 71 million in Q2. Profit before depreciation and amortization (EBITDA) of the Group's continuing operations increased from NOK 2 million in Q1 to NOK 5 million in Q2. 

“The Group`s operational activities have in most areas strengthened its position during the first half 2016”, with a revenue increase of more than 30 percent in the last quarter says Hans Petter Eikeland.  The CEO is very pleased with the group being able to maintain a robust order backlog combined with the strong increase in operational activity.

“The market situation in some of the Group’s business areas is still challenging. It is necessary to uphold hard work and measure targeted initiatives which can strengthen our competitive position, particularly in the offshore market. However, we are clear that future growth is to be based on a profitable activity”, the CEO points out.

The ongoing process with creditors and capital sources with aim to establish an adequate liquidity and a more robust financial situation for the Group is expected to be completed in Q4 2016.

Bergen Group is actively working to strengthen the Group's supplier position towards the offshore, industrial and marine environment in Norway. In this context, various alliances and forms of cooperation which can contribute to a stronger market position and increased utilization at the Group's established facilities will be evaluated.

Reference is made to the attached interim report for Q2 2016 for further details.

Contact persons:

CEO Hans Petter Eikeland, tel. +47 932 08 177 
CFO Nils Hoff (finance), tel. +47 930 92 346 
SVP Corporate Functions & Communications Øyvind Risnes, phone +47 480 48 561