Multiconsult fourth quarter and full year 2023 – a good end to the year

OSLO, Norway, Feb. 6, 2024 /PRNewswire/ — Multiconsult ASA (OSE: MULTI) Multiconsult ended the year with a good quarter. The performance was influenced by high activity, increased capacity through organic growth, and overall good operational performance throughout the year. Net operating revenues grew by 20.8 per cent to NOK 1 361.5 million in the quarter, and by 14.6 per cent to NOK 4 802.5 million for the year. The robust organic revenue growth observed has continued and came in at 16.1 per cent for the quarter. EBITA for the full year came in at NOK 419.5 million (408.5), while EBITA adjusted for one-offs was NOK 446.2 million, a 9.3 per cent margin. Multiconsult’s fourth quarter EBITA adjusted for one-offs amounted to NOK 145.1 million, reflecting a margin of 10.7 per cent.

The result for the fourth quarter was impacted positively by a higher billing ratio, higher average billing rates and improved project execution. One-offs related to the announced share ownership programme and restructuring cost had a negative impact on the results. As a result of successful onboarding and training of new hires, the billing ratio came in at 71.8 per cent, 1.5pp higher than the comparable quarter last year. Order intake during the year was NOK 6 926 million and NOK 1 431 million in the fourth quarter, resulting in a diversified and strong order backlog going into 2024.

The board of directors proposes a dividend of NOK 8.00 per share to be paid as ordinary dividend for 2023.

FOURTH QUARTER 2023

Good overall performance with improved earnings and strong growth
Net operating revenues increased to NOK 1 361.5 million (1 126.7)      

The organic revenue growth for the quarter was 16.1 per cent

EBITA of NOK 118.4 million (96.8), equal to an EBITA margin of 8.7 per cent (8.6)
EBITA adjusted for one-offs was NOK 145.1 million (96.8), equal to an EBITA margin 10.7 per cent (8.6)             

Adjusted for one-offs related to share ownership programme and restructuring cost

Other operating expenses of NOK 164.7 million (147.2)            

Other opex ratio (ex. IFRS 16) of 15.9 per cent (17.2)

Strong order intake of NOK 1 431 million (1 559)
Billing ratio of 71.8 per cent (70.3), up 1.5pp  
Full-time equivalents (FTE) increased by 11.5 per cent, to 3 523 (3 161)  
Increased M&A activity, four strategic acquisitions announced since last quarter
Despite the persisting levelling off in the market announced last quarter, the overall market outlook has slightly improved compared to previous quarter

FULL YEAR DATE 2023    

Net operating revenues of NOK 4 802.5 million (4 189.2)             

The organic revenue growth for the period was 12.1 per cent

EBITA of NOK 419.5 million (408.5), equal to an EBITA margin of 8.7 per cent (9.8)  
EBITA adjusted for one-offs was NOK 446.2 million (408.5), equal to an EBITA margin of 9.3 per cent (9.8)                   

Adjusted for one-offs related to share ownership programme and restructuring cost   

Order intake at a high level of NOK 6 926 million (5 195)
High order backlog of NOK 4 883 million (3 608)
Other operating expenses of NOK 592.6 million (528.1)               

Full story available on Benzinga.com