The Group achieved EBIT of DKK 24 million in Q3. Implemented changes gradually lead to increases in profitability.
Revenue in the MT Højgaard Group reached DKK 1.8 billion in the third quarter of 2013 and thus exceeded DKK 5 billion for the first nine months of the year. Earnings before interest and tax (EBIT) in Q3 were DKK 24 million, the same level as it was in the preceding quarter. Combined with the loss in the first quarter, the operating loss for the first nine months of the year was DKK 21 million.
To secure sound economic development, various strategic changes have been made, both externally (in relation to customers) and internally. The Group continues to implement more initiatives to further strengthen its market positions and profitability.
For the year as a whole, Group Management still expects to generate a small operating profit and revenue of around DKK 7 billion. The expectations continue to be influenced by previously contracted orders with low or no profitability, but the quality and risk profile of the order portfolio are gradually strengthened through tight tender and risk management processes.
Wins large contracts
In addition to the continuous order intake, MT Højgaard has won various large contracts in the past months. Most recently, the Group has in October 2013 entered into a contract with Nordea to build its new headquarters for DKK 873 million. The volume of orders totaled DKK 5.5 billion at the beginning of the fourth quarter.
- There is still some restraint among both private and public clients. But we are proud to have been awarded some of the most demanding contracts where the customers seek our wide range of competences. We are competitive and command general confidence, says MT Højgaard's President and CEO Torben Biilmann.
- We expect to have completed the old unprofitable contracts in the course of 2014, and the profitability of the new orders is satisfactory. This is the basis for our expectations of positive trends, says Torben Biilmann who joined MT Højgaard a year ago.