STRONG START: Egil Hogna, CEO of Norconsult, is pleased with a growth of more than 16 percent in the first quarter of 2023.

Strong start to 2023 for Norconsult

In the first quarter of 2023, Norconsult had net operating revenues of NOK 2.24 billion compared to NOK 1.93 billion in the first quarter of 2022. This corresponds to a growth of 16.1 percent.

Operating profit (EBITA) for the first quarter ended at NOK 266 million compared to NOK 221 million in the same period last year. The EBITA margin was 11.9 percent, up from 11.4 percent in the same period in 2022.

– The first quarter of 2023 was a good quarter for Norconsult, where we delivered organic growth of 12 percent, with particularly strong growth in Sweden and Norway. We are also pleased to maintain good profitability despite significant cost increases, says Egil Hogna, CEO of Norconsult.

In the first quarter, Norconsult acquired LB Consult in Denmark, and was thereby able to welcome 50 new skilled employees to the company. At the end of the first quarter, Norconsult had 5,900 employees.

High activity level

So far in 2023 there has been a high activity level with both offers and assignments. As a result, Norconsult has won several large and important contracts. In Norway, Norconsult won an advisory contract for Bane NOR with a construction plan for Moss city center in the railway project Sandbukta-Moss-Såstad. Additionally, Fortescue Future Industries chose Norconsult to develop a production plant for hydrogen and green ammonia, complete with related infrastructure at Holmaneset. In Denmark, Norconsult has been awarded an essential renovation assignment for Bispevangen in Ballerup.

Share listing on track

In the first quarter, Norconsult's shareholders decided to list the company on the stock exchange, with a projected timeframe of the fourth quarter of 2023. Moreover, recent adjustments have been implemented in the Group management structure, with Kathrine Duun Moen taking over responsibility for the business area Norconsult Digital in addition to Technogarden. Hege Njå Bjørkmann joined the Group management team, leading the Communication and Brand unit.

In April, the companies Norconsult Informasjonssystemer and Swedish Norconsult Astando changed their names to Norconsult Digital, with a clear ambition to strengthen the position as a leading Nordic supplier of software and IT-services within property and infrastructure.

For the third year in a row, Norconsult organised Sustainability Week (Bærekraftsuken) with 65 webinars in Norway, Sweden and Denmark. Knowledge grows when it's shared, and with knowledge sharing across the value chain, Norconsult is also experiencing more customer inquiries.

Tougher outlook

– The market is still uncertain, with the war in Ukraine, high inflation, high energy prices and increasing interest rates. Our order book is solid and has increased somewhat during the first quarter, but we see signs of lower demand in certain market segments. In the face of potentially tougher times, we benefit from our well-diversified customer portfolio with a good mix of public and private customers, as well as strong positions in all market areas. Even in tougher times, there is a need for skilled engineers, architects and consultants, says Egil Hogna, CEO of Norconsult.

  • Henrik Charlesen

    Senior kommunikasjonsrådgiver

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