Frøy ASA (“Frøy”) reports increased EBITDA and adjusted EBITDA in Q1 23 vs. Q1 22, driven by strong operations and high activity in the wellboat segment.
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• Revenues of NOK 519 million vs. Q1 22 NOK 431 million.
• EBITDA of NOK 122 million (Q1 22: NOK 112 million)
• Backlog 31.03.23 of approx. NOK 6 billion including options
• Increased geographical presence, foothold secured into multiple new markets
CEO of Frøy ASA, Tonje Foss comments; “Frøy continue to deliver year over year growth in revenue and EBITDA. In Q1 Frøy has taken vital steps to further diversify its geographical footprint. During the last few months Frøy has; announced the acquisition of Marinus Aquaservice in South-West Norway, negotiated a strategic partnership with NL Marine Services on Newfoundland Canada, and secured two wellboat contracts on Iceland. Frøy´s strategy is to grow and support its key clients in the regions where they choose to grow. With the recent announcements Frøy will be present in multiple regions, supporting our key clients with high quality solutions.”
Frøy continue to see high demand for new and more environmentally friendly solutions that reduce fuel consumption and enhance fish welfare. As of end of Q1 Frøy had three new wellboats and 8 service vessels under construction. Frøy is planning for further growth and has initiated dialogues with yards for newbuilds in the wellboat and service vessel segments.
The Company will host a live webcast presentation in Norwegian language at 09:00 a.m. CET.
The presentation and subsequent Q&A session may be viewed live by registering here: Frøygruppen / Kvartalspresentasjon
A recorded version of the Norwegian webcast and a recorded English webcast will be made available on Investor - froygruppen.no in the afternoon.
For further information, please contact:
Tonje Foss, CEO +47 996 10 116
Sondre Vevstad, Interim CFO +47 936 54 555
Important notices
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.
This stock exchange announcement was published by Sondre Vevstad interim CFO in Frøy ASA on 11 May 2023 at 06:30 CET.
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