Dovre - High profitability continued
Dovre’s Q2 profitability topped our estimates mostly thanks to Project Personnel, where demand remained high particularly in Norway.
- Dovre Q2 revenue grew by 38% y/y to EUR 47.3m, compared to our EUR 50.5m estimate. The growth was all organic, some 75% of it due to Renewable Energy. Project Personnel amounted to EUR 22.4m vs our EUR 22.9m estimate, while Consulting revenue landed at EUR 4.6m vs our EUR 4.5m estimate. Renewable Energy recorded EUR 20.3m, compared to our EUR 23.1m estimate.
- Q2 EBITDA came in at EUR 1.9m vs our EUR 1.4m estimate. EBIT was EUR 1.7m, compared to our EUR 1.2m estimate. Project Personnel EBIT amounted to EUR 0.9m vs our EUR 0.6m estimate, while Consulting was EUR 0.6m vs our EUR 0.6m estimate. Renewable Energy was EUR 0.4m, compared to our EUR 0.3m estimate. Other functions & unallocated cost EUR -0.2m vs our EUR -0.3m estimate.
- Dovre guides FY ’22 revenue to be more than EUR 185m and EBIT to be in the range of EUR 6.5-7.5m (unchanged).