>

Q4 2017: Strong profit improvement over Bouvet

Feb 16, 2018

Bouvet had operating revenues of NOK 458.4 million for the fourth quarter of 2017, compared with NOK 382.3 million in the same period of last year. Operating profit (EBIT) came to NOK 49.1 million, compared with NOK 32.9 million in the fourth quarter of 2016. This quarter had one less working day compared with the same period of last year.

The 2017 operating revenues increased 20.8 per cent to NOK 1607.4 million. For the full year, operating profit ended at NOK 144.1 million, an increase of 35.6 per cent compared with last year.

"We will maintain our work on sharing knowledge internally and externally, and our recruitment of the right people to continue our progress," says Sverre Hurum, CEO of Bouvet ASA.

Bouvet's operating costs, including depreciation, came to NOK 409.3 million for the fourth quarter, compared with NOK 349.4 million in the same period of 2016. That represents an increase of 17.2 per cent.

The EBIT margin for the fourth quarter was 10.7 per cent, up from 8.6 per cent in the fourth quarter last year.

Net profit came to NOK 39.7 million, compared with NOK 26.3 million for the fourth quarter of 2016. Diluted earnings per share were NOK 3.82 for the quarter, compared with NOK 2.54 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