Continued year-on-year performance improvement
Summary Q1 2015
- Stable order book of EUR 1,327 million (2014: EUR 1,272 million) with major project awards.
- Revenue EUR 352 million (2014: EUR 315 million); y-o-y organic growth 8.3%1).
- Strong revenue growth in Colombia and good developments in Continental Europe, UK market is weak.
- EBITDA2) up EUR 4.5 million to EUR 13.5 million (2014: EUR 9.0 million). Margin improved 90bp to 3.8%.
- Operational result improved by EUR 4.3 million to EUR 1.7 million (2014: negative EUR 2.6 million). Non-recurring items of EUR 1.5 million relating to restructuring programs.
- Operational cash flow was negative EUR 4.7 million (2014: negative EUR 6.6 million) in line with seasonal working capital build up.
- Stork UK announced a restructuring plan to reduce its onshore personnel support headcount by 120 FTE’s responding to market circumstances.
Arnold Steenbakker, CEO Stork comments:
“I am very pleased that Stork’s year-on-year performance improvement continued in the first quarter of 2015. Our Opex related activities, focused on maintenance, modifications and asset integrity services, have demonstrated resilience in volatile market conditions. We have seen a healthy order intake in Colombia, the Middle East and the Netherlands. This resulted in a solid growth of the order book to EUR 1,327 million (Q1 2014: EUR 1,272 million). Revenues in the first quarter saw a double digit growth compared to the same period last year. The strong performance in our Industrial Services business, compensating for continued challenging market circumstances in Power Services and the UK, has resulted in an EBITDA of EUR 13.5 million (Q1 2014: EUR 9 million). In response to the market developments in the UK we have announced to reduce our onshore staff with 120 FTE’s.
Also, we continue to embed safety deep into the values of Stork. The REACH Beyond Zero program is launched this year to challenge all employees to reach further to improve our HSEQ culture and safety performance.”