First Mover Group: Preliminary results and profit warning for Q3 2022

09 Nov 2022 09:50 CET

Skoeyen (Norway), 09 November 2022: First Mover Group Holding AS (FMG and
together with its subsidiaries, the Group) is a leading Nordic group providing
tenant advisory, project management and business relocation services.

Preliminary results for third quarter 2022 indicates lower than expected level
of activity. From our business plan released 31 March 2022, the expected revenue
for third quarter 2022 was NOK 105.1m (vs. NOK 105.3m in Q3 2021) with an EBITDA
(unadjusted) of NOK 2.9m (vs. NOK 5.1m in Q3 2021). Preliminary results show a
total revenue of NOK 96.8m, including revenue from equity issue in relation to
new shares issued to bondholders (estimated to NOK 3.6m) and a preliminary
EBITDA at NOK – 1.8m.

In addition to a low third quarter, the fourth quarter follows the same
tendency. The Group does not expect to meet it targets in the last quarter and
hence for 2022. Despite record levels of sales of new projects recorded year to
date, the activity in Norway continues to lag levels achieved in previous years.

Measures to prevail cash and a program to improve profitability on lower revenue
levels are in progress and will be described in further detail in relation to
the third quarter report. The Group expects to take further impairments on its
Goodwill.

The Group will issue a complete quarterly report by 30th of November 2022.

For further information, please contact:

Øystein Leivestad, oystein.leivestad@firstmovergroup.no +4793882303


www.firstmovergroup.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This announcement is made
by Øystein Leivestad, CFO, at the time and date as set out above.


Source

First Mover Group Holding AS

Provider

Oslo Børs Newspoint

Company Name

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