Stork Technical Services delivered EBITDA of 69 million Euros in 2013, compared to 96 million in 2012. The results reflect a difficult start to the year and pressure on margins in the Chemical and Power sector of Solutions business in Continental Europe.
Order intake in 2013 amounted to 1.7 billion Euros resulting in an order book of 1.3 billion at year end, a 16% year on year increase. Total revenues were 1,441 million Euros with organic growth of 5%.
Arnold Steenbakker, Stork CEO commented:
“2013 has been a disappointing year in which a weak start of the year, exceptional project losses and adverse market conditions in the Chemical and Power sector, negatively impacted our results. Lessons learned were translated into concrete actions and improvements to strengthen the pillars that form the foundation of our company’s success. We have implemented an indirect cost-reduction plan and tightened our project management and risk control system in order to optimize our business operations. We now have a strong focus on translating sales opportunities into profitable long-term contracts”.
Steenbakker continues: “We have succeeded in building an impressive customer portfolio with major contract wins as a result. We have strengthened both our global scope and our regional presence. Our approach to serve customers globally and locally, sharing and transferring knowledge and expertise, both across and within regions, has clearly led to new opportunities and contracts. Successfully translating this top-line growth into bottom-line results will be our main focus in 2014.”
http://www.stork.com/index.php/en/news-media/press-releases/stork-financial-results-2013/
