From GlobeNewswire: 2024-05-09 01:00:00

Nordecon Group saw a 38% increase in sales revenue in Q1 2024, reaching 46,245 thousand euros. Gross profitability also improved, with a 4.6% margin. The group’s order book grew by 34%, totaling 198,737 thousand euros. Administrative expenses remained stable, while operating profit was 386 thousand euros, compared to a loss of 625 thousand euros in Q1 2023.

Revenue from operations outside Estonia decreased, representing 1% of total revenue. Construction volumes in Ukraine increased despite ongoing conflict. The group exited the Finnish market and operated on a project basis in Latvia and Lithuania. Overall, the Buildings segment drove profitability, while the Infrastructure segment faced challenges due to seasonal construction nature.

Cash flow from operating activities was 5,422 thousand euros, influenced by contract terms with customers and prepayments to subcontractors. Investing activities resulted in a net inflow of 31 thousand euros, while financing activities saw a net outflow of 1,259 thousand euros. The group ended Q1 2024 with cash and cash equivalents of 16,083 thousand euros.

Key financial metrics for Q1 2024 show revenue growth of 37.8% year-over-year. The net loss for the period was 182 thousand euros, with a loss per share of 0.02 euros. Administrative expenses accounted for 3.4% of revenue. The group’s equity ratio was 19.1%, and the return on assets was -0.2%. Overall, the group’s financial performance improved in Q1 2024.



Read more at GlobeNewswire:: 2024 first quarter consolidated interim report (unaudited)