NYAB Plc’s half-yearly report and management webcast: Strong growth and development despite macroeconomic headwinds

25.08.23

NYAB published its half-yearly report 1 January-30 June 2023 on 25 August 2023. The complete report is available here.

 

April-June in brief  

  • Revenue grew 17.2%, amounting to EUR 65.3 (55.7) million 
  • EBITDA was EUR 5.4 (3.5) million, amounting to 8.3% (6.3%) of revenue 
  • Operating profit (EBIT) was EUR 4.0 (2.2) million, amounting to 6.2% (3.9%) of revenue  
  • Free cash flow was EUR 8.4 (-12.8) million 
  • Net debt/EBITDA was 0.19 
  • Order backlog amounted to EUR 252.0 million (EUR 305.0 million) 

January-June in brief  

  • Revenue grew 42.7%, amounting to EUR 104.5 (73.2) million 
  • EBITDA was EUR 4.8 (3.1) million, amounting to 4.6% (4.2%) of revenue  
  • Operating profit (EBIT) was EUR 2.0 (1.3) million, amounting to 1.9% (1.8%) of revenue  
  • Free cash flow was EUR 9.3 (-8.3) million 

Financial guidance for 2023 (unchanged, updated on 10 August 2023) 

  • Revenue for the full year is estimated to be EUR 290–315 million 
  • Operating profit (EBIT) is estimated to be EUR 16–24 million 

 

CEO Johan Larsson’s review 

NYAB made significant progress during the first half of 2023 thanks to our skilled and dedicated people who worked tirelessly to move us forward as a company, enabling us to execute on our strategy and achieve yet another half-year of profitable growth. Our reported growth exceeded 42% and comparable growth in constant currencies amounted to 29%. We also improved our EBIT margin and free cash flow in the second quarter as well as in the first half-year. 

As a large share of our business operations is concentrated in northern regions, we are subject to seasonality and most of our revenues and profits normally accumulate during the second half of the year. Our focus during last year in achieving a turnaround in Finland has shown good results and we started the year with a relatively high order backlog of good quality that have contributed to our revenue growth and EBIT-margin improvement in the first half-year.  

Whilst we have taken large steps forward as a company, macroeconomic challenges have impacted our short-term outlook more than previously expected. Continued inflation and higher interest rates are expected to put pressure on project profitability and have kept some customers waiting for market conditions to stabilize, resulting in delays with investment decisions. This has affected all our business areas, with markedly impact on Finnish energy markets. 

Order backlog amounted to EUR 252 (305) million, which shows a positive development from the first quarter but is behind the comparison period. However, the development is mainly a result of exchange rate fluctuations and lack of new renewable energy projects in Finland due to the macroeconomic environment.  

New contracts achieved during the first half-year include, among others, contracts with several governmental clients regarding critical infrastructure for both transportation and energy. Our strategy within energy sector has shown good results and it has continued to be our fastest growing business area. After the start of several renewable energy projects last year, we have now increased our share of new power network construction projects. These projects also entail future growth opportunities and are not as heavily subject to macroeconomic fluctuations. 

We see no signs of shifting long-term trends as the amount of planned large-scale investments in both Finland and Sweden is growing rapidly, which maintains the positive long-term outlook positive for our operations. To enable future growth, we have during the second quarter continued to develop and optimize our organization and further strengthened our Executive Management.  

During the second quarter we have made progress in the evaluation concerning the company’s future listing and domicile and will communicate our conclusions as soon as possible. 

To summarize, NYAB is developing, growing and has good earnings. We have set ourselves in a great position to continue our decade-long journey of sustainable profitable growth. We are continuously exposed to markets with high underlying demand, and with low net debt we stand strong to weather adverse market conditions. We recognize the current macroeconomic reality and adjust our business operations to balance risk and possibilities to maintain our strong position and thereby enable future positive development and profitable growth. 

 

Management webcast

NYAB Plc arranged a webcast, where CEO Johan Larsson and CFO Aku Väliaho presented NYAB’s financial information and significant events for the first half of the year. Recording of the webcast is available at https://nyabgroup.videosync.fi/results-q2-2023.

 

Read more

Meet Supervisor Enna Ruonala & Quality Manager Hanna-Kaisa Vesa

Read more

NYAB wins turnkey contract for railway project

Read more

NYAB Plc’s Annual Report 2023 and Notice to the Annual General Meeting

Read more

NYAB plans to carry out re-domiciliation to Sweden through a cross-border conversion and has applied for the delisting of its shares from Nasdaq First North Growth Market Finland

Read more

NYAB signs letter of intent to acquire marine construction company

Read more

Meet Patrik Nilsson – Business and Estimating Manager at NYAB Mälardalen

Read more

NYAB Plc’s financial statement release 2023: Strong growth in cash flow and order backlog

Read more

Meet Patrick Kraft – Site Manager at NYAB

Read more

NYAB signs turnkey contract for Duroc Rail AB’s new industrial building at Luleå Industrial Park

Read more

NYAB signs contract with Swedish Transport Administration for additional projects within Opto 2.0

Read more

NYAB receives additional order from LKAB in urban relocation project

Read more

Olli-Pekka Purhonen

Meet Olli-Pekka Purhonen – Solar Power Construction Project Director

Read more

Meet Martin Wäppling – Work Manager at NYAB

Read more

Mattias Broström appointed CEO of NYAB Infrastruktur

Read more

Sijoittajat -sivun kuvituskuva

NYAB approves revised long-term financial targets and a new strategic plan for 2024–2026

Read more

NYAB to construct solar farm developed by Skarta Energy to Utajärvi

Read more

Meet Karin Engfors – Site Manager at NYAB

Read more

NYAB’s Q3/2023: Improved profitability

Read more

NYAB signs a contract for an extensive power line work in Luleå

Read more

Pauli Lahti

Meet Pauli Lahti – Sales Manager at NYAB

Read more

NYAB signs a significant agreement to start constructing Aurora Line

Read more

Hanna-Kaisa Vesa

Quality at every step

Read more

Meet Lina Lundqvist – Construction Engineer at NYAB

Read more

Fingrid 100 kV sähköasema

NYAB to build a 110kV substation for Fingrid in Loimaa

Read more

Meet Göran Sandberg – Measurement Coordinator at NYAB

Read more

Kalajoen Hiekkasärkkien liittymän alikulku

Infrastructure team working diligently in North Ostrobothnia

Read more

NYAB is preparing move to Sweden – Jan Öhman as new Chairman of the Board

Read more

Elin Åhrberg

NYAB appoints Elin Åhrberg as a new member of the Executive Management Team

Read more

Veli-Matti Kumpula

Meet Veli-Matti Kumpula – Site Manager at NYAB

Read more

NYAB begins work for Talga at Europe’s first commercial battery anode refinery

Read more

NYAB Plc’s half-yearly report 2023 – latest videos and management views

Read more

Jenni Autio toimii NYABin työmaalla työnjohtajana

Traveling fuels interest in work

Read more

Meet Fredrik Fällback – Site Manager at NYAB

Read more

Meet Victor Tanndal – Work Manager at NYAB

Read more

NYAB signs a framework agreement with Stockholm Vatten & Avfall

Read more

Meet Ronny Toma – Work Manager at NYAB

Read more

NYAB implements expansion projects of Utanen and Isokangas 110kV substations in Northern Ostrobothnia

Read more

Antti Keskinen, Liiketoimintayksikön johtaja, Sähköverkkorakentaminen | NYAB

Green transition speeds up NYAB’s electricity transmission network operations

Read more

Anton Sandgren – Site Manager at NYAB

Read more

NYAB signs two new contracts with Svenska kraftnät

Read more

Ensuring safety through cooperation

Read more

NYAB wins SEK 66 million contract at Arlanda for Swedavia

Read more

NYAB wins two contracts in Kiruna municipality – infrastructure projects for Infranord

Read more

NYAB as the company of the month

Read more

Matilda Stjärnström – QHES Manager, NYAB Sverige

Read more

NYAB Plc: Annual report 2022 has been published

Read more

NYAB infrastruktur, järnväg, vägarbete

NYAB signed 10 MEUR agreement with Swedish Transport Administration

Read more

NYAB Plc’s financial statement release 2022 and management webcast

Read more

Over EUR 13 million in investment aid for Skarta Energy’s solar farm to be built in Utajärvi

Read more

NYAB and Energiequelle sign BoP contract for Mikonkeidas wind farm

Read more

NYAB approved as a builder of transmission lines in Fingrid’s supplier register

Read more

NYAB signs a contract to prepare for the construction of Aurora Line

Read more

Skarta Energy and Solarigo’s 61 million euro solar farms project enabled by investment aid

Read more

NYAB-logo

SkartaNYAB renamed to NYAB

Read more

Vastuullisuus noston kuva

SkartaNYAB establishes a joint venture with CapMan fund to construct renewable energy producing facilities exceeding 500 MW

Read more

SkartaNYAB Plc changes its name to NYAB Plc and sets strategic objectives for 2022-2024

Read more

Fingrid concludes first solar power plant connection agreement with Skarta Energy – Utajärvi project moves forward

Read more

NYAB was accepted into Fingrid’s supplier register

Read more

Skarta and Tohmajärvi municipality to begin cooperation – Eastern Finland’s largest energy project under planning

Read more

Utajärvi

Skarta’s Near Energy project in Utajärvi is progressing – action permit for a solar power plant and Horizon research funding from the EU

Read more

SkartaNYAB strengthens its position on the energy construction market in Norrbotten by acquiring Power Forze AB

Read more

Sitema has been awarded ISO 9001, 14001 and 45001 certificates

Read more

SkartaNYAB and Uusiutuva Energia Karahka Oy have signed a BoP agreement for a Karahka wind park in Oulainen

Read more

Skarta will build a wind farm in Pajuperänkangas with a new customer, ABO Wind

Read more

UKI Arkkitehdit Oy

Skarta signed a contract with SSAB regarding construction project of new office building, as well as research and laboratory facility, to Raahe plant

Read more

Skarta and the Centre for Economic Development, Transport and the Environment for Lapland signed an extensive contract on the Jokikylä bridge in Oulu

Read more

SkartaNYAB has signed a comprehensive framework agreement with the Swedish Transport Administration

Read more

Skarta signs two contracts with LKAB for the execution of infrastructure projects

Read more

Skarta will be making everyday life effortless and clean also in Pirkanmaa – Skarta was awarded the contract for the building of pumping stations for Tampere Region Central Wastewater Treatment Plant

Read more

NYAB wins customer trust

Read more

NYAB signs extensive agreement with Piteå municipality

Read more

Magnus Granljung takes over as CEO of NYAB

Read more

The strongest actors in solar energy to cooperate – Skarta and Solarigo aim to build 1,000 megawatts of solar power

Read more

Skarta founded a new business unit – electrical grid business to complement the value chain

Read more

NYAB moves cultural buildings on behalf of LKAB

Read more

NYAB signs framework agreement with Huddinge municipality

Read more

NYAB is awarded three projects in the Ore Fields

Read more

NYAB is awarded an energy project in Umeå

Read more

NYAB is awarded the “Operating area Överkalix & Övertorneå” by the Swedish Transport Administration

Read more

Tuulivoimalan perustukset raudoitustyön alkuvaiheessa Juurakon tuulipuistossa Kalajoella. Laadunvarmistus on olennainen osa työvaihetta, ja siihen mennessä työmaalla on dokumentoitu jo monta suunnitelmaa ja pöytäkirjaa.

Quality is the basis of everything for Skarta

Read more

Skarta joins forces with Swedish NYAB Group to step up the pace of building a clean future

Read more

Skarta, builder of a clean future, developed a model for the calculation of CO2 emissions that relate to the infrastructure of wind farms

Read more

NYAB contracted for projects in Stockholm and Umeå

Read more

Near Energy at the center of the development of Skarta’s energy business

Read more

NYAB is awarded an infrastructure contract worth 130 million for Huddinge municipality

Read more

Skarta aims at being at the forefront of hydrogen economy – acquires the first new-generation hydrogen car in Finland for its use

Read more

NYAB wins assignments in the Stockholm area

Read more

First of its kind in Finland – Skarta had a major role in the closure of the Hitura mine

Read more

The bridge over Siikajoki, built by Skarta, was opened to traffic

Read more

Skarta completed the construction work for the Jämsä central sewage treatment plant three months early

Read more

New project for Skarta in Metsä Group’s bioproduct mill site

Read more

NYAB is building a wind farm in Kalajoki at full power

Read more

Skarta has launched new financial targets and strategic main directions – Activities will be expanded towards overall projects in wind power, solar energy, and hydrogen solutions

Read more

Trading in Skarta Group Plc’s new shares began on the First North marketplace

Read more

Skarta’s journey to become a First North company is progressing according to plan – the Board of Directors to have strong expertise in the energy sector

Read more

Skarta got an order worth MEUR 10 from LKAB

Read more

Skarta to build the foundations for EPV Energia’s wind farm in Närpiö

Read more

NYAB wins the Group’s largest contract of all time

Read more

Kuvituskuva, nainen ja mies tietokoneella

Job opportunities at Skarta

Read more

NYAB is awarded assignments by Nacka municipality and the Swedish Fortifications Agency in Kiruna municipality

Read more

Skarta Group seeks momentum for growth on the stock market

Read more

Skarta to partner with Atria on a major wind power project

Read more

NYAB is building a new road and bridge for Skellefteå municipality

Read more

Skarta Energy Oy to be a new wind power subsidiary

Read more

NYAB is awarded a bridge contract in Stockholm

Read more

Skarta Finland started work on the construction site of the Kemi bioproduct factory

Read more

HS-Vesi invests in Paroinen treatment plant in Hämeenlinna

Read more

VSB selected NYAB as the main contractor for the Juurakko wind farm

Read more