25 April 2024 -ABL Group's 2024 first quarter results HIGHLIGHTS Q1 2024 o Revenues ofUSD 68.9 million (Q1 23:USD 45.2 million ) o Operating profit ofUSD 3.4 million (Q1 23:USD 2.7 million ) o Adjusted EBIT ofUSD 3.7 million (Q1 23:USD 3.2 million ) o Net cash ofUSD 19.4 million (Q4 23:USD 17.2 million ) o Proposed semi-annual dividend ofNOK 0.4 per share in H1 2024 upheldReuben Segal , CEO ofABL Group ASA ("ABL Group " or the "Company") commented: "We achieved solid operating results in the first quarter. The acquisition of AGR accounted for a large element of our annual growth of 53%, but we also demonstrated organic growth in all existing parts of the business. We delivered year-on-year margin improvement across three of our four segments, while our renewables consultancy OWC experienced lower utilisation in a tough offshore wind market. Our outlook forABL Group for 2024 remains upbeat. A larger share of global oil & gas expenditure is expected to go into offshore execution, whereABL Group's core capacity lies. The offshore wind industry sentiment is improving in what will be the busiest year of auctions ever in the sector. Finally, activity in the maritime sector remains high and stable, providing a robust base for our more cyclical operations." A presentation of the quarterly results will be held today at08:30 CET at SpareBank 1 Markets' office at Olav Vs gate 5, 0161 Oslo. The event will be webcast live and available for replay shortly after. To watch the webcast, please visitABL Group's website, www.abl-group.com. The quarterly slide presentation is available on www.newsweb.no and onABL Group's web site, www.abl-group.com. ENDS For further information, please contact: Investors and financial media:Stuart Jackson , Chief Financial Officer,ABL Group ASA Email: stuart.jackson@abl-group.com Other media enquiries:Endre Johansen , Corporate Communications AS Telephone: +47 41 61 06 05 Email: endre.johansen@corpcom.no AboutABL Group ABL Group (OSE:ABL Group ASA - ticker code "ABL") is a leading independent global consultancy delivering energy, marine, engineering and digital solutions to drive safety and sustainability in renewables, maritime and oil and gas sectors. The group has offices in 42 countries worldwide and operates under four main brands: ABL, OWC, Longitude and AGR.
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