Stork’s revenues in Q1 amounted to 315 million Euro in Q1 2014. EBITDA was 9 million Euro, compared to 7 million in Q1 2013. The order book amounted to 1,270 million. The results confirm the continued recovery which started in the second half of last year.
Arnold Steenbakker, CEO Stork comments:
“Our performance in the first quarter of 2014 compares favorably to Q1 2013 and confirms the continued recovery which started in the second half of last year. Order intake included a number of major project awards, resulting in an order book ahead of last year. We look at a healthy pipeline for the remainder of the year. Organic revenue growth was driven by a strong performance in the Benelux, Colombia and Australia. The performance of our Power Services’ business is stabilizing.
In Q1 important steps have been taken in implementing last year’s improvement initiatives. The indirect cost saving project is on schedule, with the restructuring in the Netherlands and Head Office executed. The project management and risk control process is further strengthened by implementing a group wide standard project management system. Furthermore the sales improvement project has been initiated in the Benelux with other regions to follow in due course”.