7 February 2017
Increased sales, improved margins, growth in orders and improved balance
Bergen Group ASA has in Q4 2016 experienced increased sales, strengthened margins, growth in orders and a significantly improved balance.
“The performance in Q4 gives us a good starting point for implementing measures that can help to strengthen our position both in new and existing areas of activity”, says CEO Hans Petter Eikeland in Bergen Group ASA.
The group's financial position at year end is significantly improved. The balance is strengthened through mainly an extensive reduction of liabilities and new supply of equity. The group accumulated figures for 2016 show a total turnover of NOK 246 million and a profit after tax of NOK 66 million. The order backlog increased to NOK 172 million, compared with NOK 147 million at the end of 2015.
“The Group now has a significantly stronger financial platform. At the same time, the operations of the subsidiary Bergen Group Services have been further strengthened. The company has during 2016 managed to further improve its position within various market areas”, says Eikeland.
The operational activity of the Group is taking place in the segment Services, of which Bergen Group Services is the engine. In Q4 2016 this segment delivered a turnover of NOK 64 million and a profit before depreciation and amortization (EBITDA) of NOK 2 million. This represents a solid improvement compared to the corresponding quarter in 2015 where turnover stopped at NOK 44 million and income before depreciation and amortization (EBITDA) was negative 3.4 million.
The CEO of Bergen Group ASA makes it clear that the group has ambitions to grow in relation to both revenue and activity areas during 2017. The strategic partnership that recently was initiated with AAK Energy Services is part of this growth strategy.
“Bergen Group has over time built up a unique expertise that is also attractive in other areas than where we operate today. The cooperation with Aak Energy Services give access to complementary competencies that provide us with opportunities to compete in new areas and in larger projects than we currently operate”, says Eikeland who does not exclude further strategic initiatives over the coming quarters.
“We have proved our competitiveness through very turbulent times. Although there are still challenges in parts of the markets we operate in, we are convinced that there are great growth opportunities for Bergen Group”, concludes CEO Hans Petter Eikeland.
For further details, see attached Report for Q4 2016 and preliminary figures FY 2016.