21 November 2023 – Inin Group AS reports a revenue of NOK 197.5 million in this year’s third quarter, an increase of 92 percent versus this year’s second quarter (102.7) and 128 percent versus third quarter 2022 (86.7, pro-forma).
EBIT was NOK 7.6 million in the third quarter 2023, compared to NOK -4.1 million in the second quarter this year and NOK –8.8 million in the third quarter 2022.
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“The third quarter was strong across all our platforms, both in terms of revenue growth and profitability. We guided in the Q2 presentation that we expect to deliver positive results in the second half of the year, and we are pleased to present profitable growth for the third quarter,” says Øivind Horpestad, CEO of Inin Group.
Inin Group’s order backlog stood at NOK 218 million at the end of the third quarter. This figure does not include the order backlog of companies acquired after the end of the quarter, including recently acquired Laje AS’ backlog of frame agreements with an annual value of NOK 490 million.
Inin Group’s cash flow from operating activities was NOK 4 million in the third quarter 2023. The company’s cash balance was NOK 46.9 million as of 30 September 2023.
CONTINUED HIGH ACTIVITY
Inin Group is a listed investment company that focuses on infrastructure services.
Currently, Inin Group consists of four platforms: Rail Infrastructure; Power Infrastructure; Testing, Inspection & Certification (TIC); and Mass Handling & Recycling.
During the third quarter, and in subsequent months, Inin Group has closed five acquisitions and signed two new term sheets and one share purchase agreement for potential acquisitions, including:
• Rail Infrastructure: Closed the acquisitions of fibre optics contractors Thuve’n Anlegg & Bane AS and Be-Ma AS, and agreed term sheets to acquire railway contractor and signaling expert SLAM Jernbaneteknikk AS and railway contractor Banefjell AS.
• Power Distribution: Closed the acquisition of large, regional infrastructure construction and service company Laje AS (Q4).
• Testing, Inspection & Certification: Signed a share purchase agreement to acquire specialist welding company CG Welding AB. Several certified non-destructive testing technicians have also been successfully recruited in Norway and Sweden.
• Mass Handling & Recycling: Closed the acquisition of TW Gruppen (Q4).
“The recently closed acquisitions of Laje AS a are expected to deliver a step-change in revenues for Inin Group. A lot of excellent work has been done in their respective organization’s during 2023, we expect to see significantly improved profitability in 2024,” says Øyvind Horpestad.
OUTLOOK
Inin Group invests in positions within infrastructure verticals that are supported by strong macro drivers. Public investments in maintenance of rail infrastructure are expected to increase in coming years as spending currently falls short of levels needed to address wear on existing infrastructure. Further, pressure to invest in power infrastructure is increasing on the back of a European energy crisis and rapidly growing electrification of society.
Through the combination of Inin Group’s current platforms and announced acquisitions, Inin Group aims to deliver full-year pro forma revenues of approximately NOK 1.5 billion in 2023.
PRESENTATION AT 08:30 (CET) TODAY
Inin Group will hold a webcast presentation at 08:30 (CET) today. Presenter is CEO Øivind Horpestad.
Register for the online event at: http://bit.ly/ININ_Q3_2023
Questions can be submitted during the live webcast.
The presentation material is enclosed to this announcement.
For further information, please contact:
Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626
About Inin Group AS
Inin Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure services niches in the Nordics. The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation, and growth, working in collaboration with the platform companies to deliver sustainable growth and profitability. For more information, please visit: www.inin.no
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 the Norwegian Securities Trading Act. This stock exchange announcement was published by Fredrik Ekholm, head of strategy, at 08:00 am (CET) on 21 November 2023.
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