Lamor Corporation Plc Company release
Lamor Financial Statements Release 2023: Large projects progressed well; geopolitical situation slowed the order intake
October–December 2023 in brief
- Revenue increased by 24.3% year on year to
EUR 34.8 million (28.0) -
EBIT was
EUR 3.0 million (0.8) -
Adjusted EBIT amounted to
EUR 4.0 million (1.2) or 11.6% of revenue (4.5%) -
Net cash flow from operating activities was
EUR 2.3 million (0.7) -
Earnings per share (basic) was
EUR 0.01 (-0.03) -
Orders received decreased by 12.4% and amounted to
EUR 10.0 million (11.4) -
Impairments from the
Kazakhstan business amounted toEUR 0.8 million
January–December 2023 in brief
- Revenue decreased by 4.0% year on year to
EUR 122.5 million (127.7) -
EBIT was
EUR 8.4 million (10.0) -
Adjusted EBIT decreased by 13.2% and amounted to
EUR 10.9 million (12.6) or 8.9% of revenue -
Net working capital at the end of period was
EUR 62.2 million (41.5) -
Net cash flow from operating activities was
EUR -12.7 million (-6.5) -
Earnings per share (basic) was
EUR 0.09 (0.13) -
Orders received decreased by 49.7% and amounted to
EUR 44.0 million (87.4) -
Order backlog at the end of period was
EUR 124.2 million (203.1) The Board of Director proposes that no dividend be distributed for the financial year 2023
CEO Update
For
Our revenue in 2023 amounted to
Effects of the geopolitical situation and increased environmental awareness
The geopolitical situation in 2023 was challenging. Due to political instability, many countries in Southern America have suffered from conflicts. This has led to postponements of tender processes and investment decisions in the region. In the
Although the situation has been in many ways challenging during the past year, environmental awareness and tightening regulation emphasise that solving environmental problems must be tackled with determination, whatever the situation. This supports our long-term growth, which is based on a strong increase in the demand for environmental protection, soil remediation and chemical plastics recycling solutions, but at the same time, it can affect our business in the form of changes in project schedules and costs.
The importance of successfully delivered large projects for our future growth
In soil cleaning, the best solution is always case-specific, because each contaminated soil, environment and climate always differ from another. The solution we developed for
In accordance with our
Our
Our chemical plastic recycling project is at an important phase. We tested the process functionality especially during the last quarter of the year, planned its optimisation, and started the construction of our actual pilot facility in Kilpilahti,
For
Towards the next growth leap
In 2023, we carried out significant capital market transactions that support our long-term growth. In August, we issued a
The rapid transformation from a family business to a main listed company on Nasdaq Helsinki, significant growth and expansion into new markets and business areas has put us in a new situation. The number of our personnel has increased strongly during 2023 and taking the next growth leap a new kind of management, organisation, and measurement from us.
To reach the target, we decided to supplement our Group Leadership Team in
I would like to extend my warm thank you to Lamor’s personnel, partners, stakeholders, and shareholders for the past year 2023. The success of our growth strategy requires a lot of work from all of us, as well as favourable development of demand and order backlog. However, I trust our skilled, committed teams, and our good references, and look to the future with optimism. The world needs responsible solutions for environmental protection, soil remediation and material recycling, and we are solving these critical issues for our environment with our customers.
Key figures
EUR thousand unless otherwise noted | Q4 2023 | Q4 2022 | Change % | 1-12/2023 | 1-12/2022 | Change % |
Revenue | 34,775 | 27,976 | 24.3% | 122,520 | 127,656 | -4.0% |
EBITDA | 5,710 | 2,262 | 152.4% | 16,182 | 16,659 | -2.9% |
EBITDA margin % | 16.4% | 8.1% |
| 13.2% | 13.1% |
|
Adjusted EBITDA | 6,645 | 2,651 | 150.7% | 18,464 | 19,006 | -2.9% |
Adjusted EBITDA margin % | 19.1% | 9.5% |
| 15.1% | 14.9% |
|
Operating profit or loss (EBIT) | 3,039 | 795 | 282.3% | 8,426 | 10,018 | -15.9% |
Operating profit (EBIT) margin % | 8.7% | 2.8% |
| 6.9% | 7.8% |
|
Adjusted operating Profit (EBIT) | 4,033 | 1,246 | 223.8% | 10,943 | 12,608 | -13.2% |
Adjusted operating Profit (EBIT) margin % | 11.6% | 4.5% |
| 8.9% | 9.9% |
|
Profit (loss) for the period | 382 | -868 |
| 2,679 | 3,535 | -24.2% |
Earnings per share, EPS (basic), euros | 0.01 | -0.03 |
| 0.09 | 0.13 | -27.0% |
Earnings per share, EPS (diluted), euros | 0.01 | -0.03 |
| 0.09 | 0.13 | -28.0% |
Return on equity (ROE) % | 0.6% | -1.4% |
| 4.3% | 5.8% |
|
Return on investment (ROI) % | 2,8% | 0.9% |
| 8.7% | 12.0% |
|
Equity ratio % | 40.0% | 53.0% |
| 40.0% | 53.0% |
|
Net gearing % | 60.7% | 23.2% |
| 60.7% | 23.2% |
|
Net working capital | 62,245 | 41,490 | 50.0% | 62,245 | 41,490 | 50.0% |
Orders received | 9,970 | 11,383 | -12.4% | 43,950 | 87,368 | -49.7% |
Order backlog | 124,192 | 203,069 | -38.8% | 124,192 | 203,069 | -38.8% |
Number of employees at the period end | 840 | 508 | 65.4% | 840 | 508 | 65.4% |
Number of employees on average | 743 | 504 | 47.4% | 658 | 604 | 8.9% |
Guidance for 2024
Board of Directors’ proposal for profit distribution
The parent company’s distributable funds on
Webcast for shareholders, analysts and media
Webcast for shareholders, analysts and media on the results for the financial period 2023 will be arranged on
A recording of the webcast will be available later at the company’s website at lamor.com/investors/reports-and-presentations.
Further enquiries
Environmental protection, soil remediation and material recycling: Our innovative technologies, services and tailored solutions, ranging from oil spill response, waste management and water treatment to soil remediation and plastic recycling, benefit customers and environments all over the world.
We are capable of vast and fast operations thanks to our connected ecosystem of local partners, steered by our experts. We have over 600 employees in more than 20 countries. In 2023, our turnover was
Attachments
- Lamor Financial Statements Release 2023.pdf
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