Financial information

Lamor Interim Financial Report 1 January–31 March 2023: The year started as expected - large projects progressing as planned, and the full-year guidance remains unchanged

January - March 2023 in brief

• Revenue decreased by 47.1% year on year to EUR 22.8 million (43.2)
• EBIT was EUR 0,2 million (4.5)
• Adjusted EBIT decreased by 96,7% and amounted to EUR 0.2 million (6.5) or 0.9% of revenue
• Net working capital at the period-end was EUR 47.9 million (35.6)
• Net cash flow from operating activities was EUR -8.8 million (-7.7)
• Earnings per share (basic) was EUR -0.02 (0.07)
• Orders received decreased 70.2% and amounted to EUR 10.8 million (36.3)
• Order backlog at the period-end was EUR 188.7 million (225.8)
  

Guidance for 2023

Lamor estimates that its revenue for 2023 will be in the range of EUR 120–135 million and that the adjusted operating profit (EBIT) margin for the full year 2023 will be in the range of 8–11%.

Lamor has a strong order backlog for 2023. Since a significant part of the revenue is generated by large service project deliveries, any major changes in the project progress would have an impact on revenue and profit for 2023.

Lamor is participating in several major tendering related discussions and expects requests for tendering to open and the decisions in the tenders to be made during 2023. The timing of the tenders as well as Lamor’s success in the processes will have an impact on the revenue and profitability in 2023.

Lamor has recruited a significant number of new professionals in 2022. This will support reaching the company’s long-term financial targets but will increase the relative share of fixed expenses in 2023.

Lamor follows closely the changes in the geopolitical environment in its operating countries. These changes may have either a negative or a positive impact on Lamor’s business, for instance through changes in the schedules or cost structures of the projects.