ABL Group ASA: Q4 2024 financial results

26 Feb 2025 06:00 CET

26 February 2025 – ABL Group’s 2024 fourth quarter results

HIGHLIGHTS Q4 2024

• Revenues of USD 85.9 million (Q4 23: USD 67.7 million)
• Operating profit of USD 2.4 million (Q4 23: USD 3.9 million)
• Adjusted EBIT of USD 3.1 million (Q4 23: USD 4.5 million)
• Net cash of USD 4.8 million (Q3 24: USD 7.9 million)
• Proposing semi-annual dividend of NOK 0.45 per share in H1 2025

HIGHLIGHTS FULL YEAR 2024

• Revenue of USD 309.6 million (2023: USD 251.2 million)
• Operating profit of USD 10.4 million (2023: USD 16.5 million)
• Adjusted EBIT of USD 12.5 million (2023: USD 18.8 million)
• Total dividend of NOK 0.8 per share paid during 2024
• Completed acquisition of Ross Offshore and Hidromod

Reuben Segal, CEO of ABL Group ASA (“ABL Group” or the “Company”) commented:
“Four value adding acquisitions in a little over 6 months shows our commitment
to growing a material consultancy business serving Energy and Oceans. Hidromod
added a new service line to the ABL segment; Ross Offshore drove revenue growth
in the quarter as we re-enforced the offering of our AGR segment and added
marine operations capabilities; and post quarter end Proper Marine and
Techconsult extended our primary design and resourcing activities in the
Longitude and AGR segments.

From an operating perspective, in Q4 2024 our revenue growth came predominantly
from the addition of Ross Offshore but Longitude achieved very strong activity
levels. Margins are lower than the same period last year for a combination of
reasons. Ross Offshore is a structurally lower margin business with the marine
operations activity seeing significant revenues at pass-through rates on the
vessel before we achieve higher margins on value added services. Additionally,
the continued slowdown in the offshore wind market added to a weaker oil & gas
quarter has weighed on OWC and ABL in the quarter. Cost initiatives delivered
in the quarter will pull these margins up as we enter 2025.

We remain positive about the outlook and our positioning in our key markets,
despite the long-term energy transition proving more volatile than many had
assumed. Offshore oil & gas and maritime sector activity are expected to remain
stable throughout 2025 and our global diversification strategy allows us to
neutralise any regional shifts in these markets. In the offshore wind market
geopolitical shifts impact decisions but we are seeing a higher level of
tendering which is expected to see an improvement in activity levels in the 2nd
half of 2025.”

A presentation of the quarterly results will be held today at 08:30 CET at
Arctic Securities office at Haakon VIIs 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, Chief Financial Officer, 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”) is a leading independent
global consultancy delivering energy, marine, engineering and digital solutions
to drive safety and sustainability in renewables, maritime and oil and gas
sectors. The group has offices in 43 countries worldwide and operates under four
main brands: ABL, OWC, Longitude and AGR.

More information:
Access the news on Oslo Bors NewsWeb site

639672_Q4 2024 presentation_final.pdf
639672_Q4 2024 report_final.pdf