Dovre - Q2 a bit better than we estimated
Dovre’s Q2 figures came in a bit better than we had estimated as Project Personnel continued to grow at a 16% y/y rate while the profitability of Renewable Energy remained better than we expected.
- Dovre Q2 revenue remained flat y/y at EUR 47.3m vs our EUR 44.4m estimate. Project Personnel landed at EUR 25.9m, compared to our EUR 22.7m estimate, while Consulting came in at EUR 4.0m vs our EUR 4.6m estimate. Renewable Energy amounted to EUR 17.4m while we estimated EUR 17.1m. Dovre’s H1 top line growth would have been 3.4% instead of -2.1% when controlling for the effect of currencies (mostly weak NOK). Activity levels were strong especially in Canada.
- EBITDA amounted to EUR 1.8m, compared to our EUR 1.6m estimate. EBIT was EUR 1.5m vs our EUR 1.4m estimate. Project Personnel EBIT was EUR 0.9m, compared to our EUR 1.0m estimate, while Consulting amounted to EUR 0.4m vs our EUR 0.5m estimate. Renewable Energy landed at EUR 0.5m vs our EUR 0.2m estimate, in other words improved a bit y/y. Dovre proactively implements measures to enhance operational efficiency.
- Dovre guides FY ’23 revenue to be in the range of EUR 185-195m and EBIT to be above EUR 7m (guidance issued on Jun 26).