Results continue to be influenced by the many changes being made to restore health to our finances. Order book value DKK 6.3 billion at the start of H2.
MT Højgaard Group revenue amounted to DKK 3.3 billion in H1 2013. In Q2, the Group achieved an operating profit (EBIT) of DKK 25 million as forecast and a pre-tax profit of DKK 16 million. Together with the loss in Q1, the H1 result was an operating loss of DKK 45 million (EBIT) and a pre-tax loss of DKK 53 million.
To ensure renewed financial health, we have in H1 implemented a number of initiatives and made changes to the Group's activities both in relation to customers and internally. Special focus areas are organisation, efficiency improvement and risk management. In addition, we are preparing several initiatives that will further strengthen the Group's market position and profitability.
For 2013 as a whole, the management maintains its forecast of a revenue around DKK 7 billion and a modest pre-tax profit. The full effect of the many initiatives is expected during 2014.
Growth in orders
In H1 MT Højgaard gained new orders worth DKK 3.5 billion. The order book value at the start of H2 amounted to DKK 6.3 billion, which is DKK 0.3 billion more than at the start of H1.
- We have tightened up our internal procedures for determining which projects we bid for. We only bid for projects with a satisfactory risk and earnings profile, and we can see that these initiatives have a positive effect on the creditworthiness of our portfolio, says MT Højgaard's President and CEO Torben Biilmann, who joined the Group at the end of last year.
- We continue to have a satisfactory influx of orders, because MT Højgaard and its subsidiaries are known for the quality of their work, and because we have a good collaboration with our customers. We are competitive and our customers trust us, says Torben Biilmann.