12 May 2017

Increased revenue and profit in Q1 2017

Bergen Group ASA discloses substantial improvements in profits during Q1 2017. Revenues have increased from NOK 53 million to NOK 72 million, compared to Q1 2016.

Operating profit before depreciation and impairment (EBITDA) more than doubled, from NOK 2 million to NOK 5 million, and the company’s equity ratio at end Q1 was 59 percent.

CEO Hans Petter Eikeland consider the achieved results as satisfactory, considering the very competitive and challenging markets still dominating the industry.

“Q1 is the first quarter not adversely affected by problems from the past and the financial restructuring process that was concluded at year end. Now, we are able to demonstrate that the foundation of Bergen Group is a profitable, robust and competitive business. This forms a strong platform for our ambitions to further develop Bergen Group into an attractive industrial enterprise located on the Western Coast of Norway”, Eikeland states.

Bergen Group expresses their targeted growth strategy, mainly based on the Group’s current business areas.

The Group’s main asset is its organization, characterized by highly skilled employees with strong competence built up through decades within the industry. This combined with what is considered a strong financial platform represents a good starting point for reviewing structural measures that may add complementary capacity and competence.

“We will evaluate different initiatives to strengthen Bergen Group’s market position, and increase our flexibility towards a dynamic market that require us to be far more adaptive going forward”, mr. Eikeland points out.

The CEO is also very pleased to see a substantially increased interest in Bergen Group ASA shares (ticker Bergen), demonstrated by a successful completion of the Subsequent offer being over-subscribed by 470 percent. Further, number of shareholders have increased by more than 30 % over the last four quarters, and is currently at approximately 1 300 shareholders. Number of trades has also increased substantially, and a total of 9 500 trades were recorded in Q1, which is a double of total number of trades in 2016 (full year).

The interim report for Q1 2017 can be downloaded here.

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