Head Energy combines 50+%-revenue growth with record profit margins in 2018. All business units and subsidiaries are profitable and contribute to the historic results. The order book is at record level going into 2019.
Based on preliminary, unaudited figures, Head Energy Group posts 2018 revenues of mNOK 350, compared to mNOK 229 in 2017. The revenue growth of some 53% is far above budgets and expectations going into the year.
The EBIT-margin leaps from 1,4% in 2017 to 6,1% in 2018 (preliminary figures), driven by higher volumes, tight cost control and not the least solid growth and performance in Head Energy’s high-margin segments (Engineering, Offshore Wind and Onshore Infrastructure).
The orderbook amounts to mNOK 381 at the end of 2018, compared to mNOK 229 at the end of 2017, providing a solid fundament for further growth in 2019.
We are very happy with our performance and results in 2018. Based on our strong orderbook and overall good market conditions, we expect 20% revenue growth in 2019 and EBIT-margins above 5,5%.
Final, audited figures for 2018 will be released at the end of April.
Bergen, 25. February 2019
CFO Head Energy Group