>

Q1 2020: Good first quarter for Bouvet

May 19, 2020

Bouvet had operating revenues of NOK 641.2 million for the first quarter of 2020, compared with NOK 564.3 million in the same period of last year. Operating profit (EBIT) came to NOK 82.6 million, compared with NOK 68.8 million in the first quarter of 2019.

“We sailed into 2020 full of optimism, with clients who needed our help to develop their future enterprise-critical solutions. Up to 12 March, we continued to experience good growth, normal operation and progress. Covid-19 meant we had to adjust to a completely new position after that date. The seriousness of what became a global crisis called for a resolute reorientation both inhouse and at our clients. I have been able to observe with deep respect a Bouvet community which delivers when it really matters. Results from the first quarter were very good,” says Sverre Hurum, CEO of Bouvet ASA.

Bouvet’s operating costs, including depreciation, came to NOK 558.6 million for the first quarter, compared with NOK 495.5 million in the same period of 2019. That represents an increase of 12.7 per cent.

The EBIT margin for the first quarter was 12.9 per cent, compared with 12.2 per cent in the first quarter last year.

Net profit came to NOK 64.7 million, compared with NOK 53.4 million for the first quarter of 2019. Diluted earnings per share were NOK 6.24 for the quarter, compared with NOK 5.16 in the same period of last year.

Further information from Sverre Hurum, CEO, Bouvet ASA, tel +47 913 50 047 Erik Stubø, CFO, Bouvet ASA, tel +47 950 36 011

Report Q1 2020

Presentation Q1 2020