Head Energy delivers preliminary revenues of mNOK 460 in 2019, up 30% compared to 2018-revenues. The revenue growth is primarily due to solid performance from Head Energy’s Consulting and Infra Divisions.
Preliminary EBIT-margins equals 5.7% for 2019, compared to 6.2% in 2018. The slight drop in EBIT-margin is mainly due to project delays affecting Head Energy’s engineering units in the second half of 2019 and somewhat lower volumes for Head Energy’s Offshore Wind Operations. Most of the delayed engineering projects have now started and the activity level for Head Energy’s Offshore Wind Operations has picked up, lifting overall volume expectations for 2020.
The year-end 2019 orderbook equals mNOK 433, up approximately mNOK 53 compared to year-end 2018, providing a good platform for further growth in 2020.
Based on the current orderbook situation, reflecting good market conditions and demand in most of Head Energy’s market segments, Head Energy expects continued revenue growth in 2020 and margins at par with recent levels.
Bergen, 4 February 2020
Nils Haukeland, CFO Head Energy Group