ABL Group ASA: Q1 2023 financial results

27 Apr 2023 06:00 CEST

27 April 2023 – ABL Group’s 2023 first quarter results

HIGHLIGHTS Q1 2023

• Revenues of USD 45.2 million (Q1 22: USD 39.6 million)
• Operating profit of USD 2.7 million (Q1 22: USD 2.8 million)
• Adjusted EBIT of USD 3.6 million (Q1 22: USD 3.4 million)
• Net cash of USD 16.3 million (Q4 22: USD 17.6 million)
• Acquisition of AGR completed on 18 April
• Proposed semi-annual dividend of NOK 0.35 per share in H1 2023 upheld

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“The first quarter was overall positive, with record high revenues and solid
profitability. Organic revenue growth continues to be driven primarily by our
renewables consultancy OWC, while our Europe and Americas regions particularly
demonstrate improved margins. Activity increased towards the end of the period,
and we expect this trend to continue through the next quarter.

We are particularly pleased to have completed the acquisition of AGR just past
the quarter’s end. The acquisition gives ABL Group a strong position in well and
reservoir consultancy, grows our position within digitalisation and energy
transition solutions, and expands our services with a resourcing offering that
is already well established in the oil and gas sector and positioned for growth
within offshore wind.”

A presentation of the quarterly results will be held today at 08:30 CET at
SpareBank 1 Markets’ office at Olav Vs gate 5, 0161 Oslo. The event will be
webcast live and available for replay shortly after. To watch the webcast,
please visit ABL Group's website, www.abl-group.com.

The quarterly report and a corresponding slide presentation is available on
www.newsweb.no and on ABL Group's web site, www.abl-group.com.


ENDS

For further information, please contact:

Investors and financial media:
Stuart Jackson, CFO, ABL Group ASA
Email: stuart.jackson@abl-group.com

Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no

About ABL Group
ABL Group (OSE: ABL Group ASA – ticker code “ABL”) offers independent energy and
marine consultancy to the global renewables, maritime and oil and gas sectors.
The group has offices in 39 countries worldwide. ABL Group operates under seven
brands: ABL, OWC, Longitude, AGR, Add Energy, Innosea and ABL Yachts.

More information:
Access the news on Oslo Bors NewsWeb site

588678_Q1 2023 presentation_final.pdf