Negative profit warning: Dovre Group Plc lowers its 2024 guidance for operating profit

Dovre Group

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Dovre Group Plc                                  Inside information                         December 23, 2024, at 12.30 pm

Negative profit warning: Dovre Group Plc lowers its 2024 guidance for operating profit

Dovre Group Plc lowers its 2024 guidance for operating profit.

On November 20, 2024, Dovre Group announced the sale of its Project Personnel and Norwegian Consulting businesses to NYAB AB. According to the outlook for the retained business only, Dovre Group’s net sales in 2024 were expected to be in the range of 88-93 MEUR and the operating profit (EBIT) was expected to be between -5 and -6 MEUR. In anticipation of the completion of the transaction, Dovre adopts the new structure including only the retained businesses in its financial reporting.

New guidance for 2024: Dovre Group’s revenue for the retained business is expected to be in the range of 88-93 MEUR and the operating profit (EBIT) is expected to be between -13 and -15 MEUR.

The reason for the lowered guidance is the reduced profitability in some Renewable Energy projects by Dovre’s subgroup Suvic. Despite enhanced management focus and extraordinary operative efforts, some of the works are delayed and impacted by winter, increasing cost and slowing down progress at the sites. The forecast includes estimated losses until the completion of these projects and therefore contains some uncertainty related to the eventual costs also in 2025. Dovre Group’s ownership of Suvic is 51%.

For further information, please contact:

Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
Tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com

Ilari Koskelo, Vice Chairman of the Board of Directors
Tel. +358 40 510 8408
ilari.koskelo@navdata.fi

Dovre Group is a trusted global provider of project management services with locations across Canada, Finland, Norway, Singapore, Sweden, and the United States. Our professionals execute assignments all around the world. In 2023, the Group’s net sales were EUR 196.7 million and its operating result was EUR 7.4 million. The Group’s parent company Dovre Group Plc is domiciled in Finland and listed in Nasdaq Helsinki (symbol DOV1V). Dovre takes an active part in the green transition and contributes to an environmentally and socially sustainable future. Website: www.dovregroup.com

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www.dovregroup.com