Financial information

Lamor Half-Year Financial Report 1 January–30 June 2023: Large projects contributed to a good performance in the second quarter

April - June 2023 in brief

• Revenue increased by 52.1% year on year to EUR 33.8 million (22.2)
• EBIT was EUR 3.7 million (1.7)
• Adjusted EBIT increased by 108.5% and amounted to EUR 3.7 million (1.8) or 11.0% of revenue
• Net cash flow from operating activities was EUR 1.1 million (6.4)
• Earnings per share (basic) was EUR 0.09 (0.01)
• Orders received increased 31.3% and amounted to EUR 9.6 million (7.3)

• Revenue decreased by 13.4% year on year to EUR 56.7 million (65.4) 
• EBIT was EUR 3.8 million (6.2)
  
• Adjusted EBIT decreased by 52.4% and amounted to EUR 3.9 million (8.3) or 6.9% of revenue
  
• Net working capital at the period-end was EUR 51.0 million (28.8)
  
• Net cash flow from operating activities was EUR -7.7 million (-1.4)
  
• Earnings per share (basic) was EUR 0.07 (0.08)
  
• Orders received decreased 53.1% and amounted to EUR 20.4 million (43.6)
  
• Order backlog at the period-end was EUR 163.0 million (220.2)
  CEO

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.