This release is a summary of Lamor’s Interim Report Release January–March 2022. The complete report is attached to this release as a pdf file. It is also available on the company website at investors.lamor.com.
January-
- Orders received increased 477.1 per cent to
EUR 36.3 million (6.3) -
Revenue increased by 556.3% to
EUR 43.2 million (6.6) -
EBITDA was
EUR 5.9 million (-0.5) -
Adjusted EBITDA totalled
EUR 7.9 million (-0.5) or 18.6% of revenue -
EBIT was
EUR 4.5 million (-1.2) -
Adjusted EBIT amounted to
EUR 6.5 million (-1.2) or 15.0% of revenue -
Net cash flow from operating activities was
EUR -7.7 million (-1.0) -
Earnings per share increased to
0.07 euro (-0.06) -
Impairment losses from Russian business amounted to
EUR 2.0 million
CEO
If the year 2021 was step changing for
Especially the significant environmental clean-up projects in
The significant increase of business volume also increased the amount of working capital. Working capital growth is typical during environmental incident clean-up projects, where a sizeable amount of equipment and services are delivered during a short period of time. The importance of strengthened balance sheet, as a result of a successful IPO, was evident during the project in
Environmental clean-up projects in
There was a significant environmental incident in one of Repsol’s terminals in
Our highly scalable business model allowed us to build an organisation of 800 people to clean-up the environmental incident. At the peak of the project, we had in
This is a great achievement from the whole organisation and a clear indication that Lamor’s strategy - being globally local - is really working. Our strategy is based on having a sufficient global business presence combined with adequate local resources to be able to offer our solutions in clients’ operating environment yet fulfilling international quality standards.
Strategic targets and transformation
As per our financial guidance, we estimate that the year 2022 will be significant from revenue and profitability growth perspective.
Over the past three quarters we have also invested significantly in improving our project execution and financial control capabilities. The next phase of the transformation is to bring more economic accountability to different levels of the organisation and to unify our offering and processes on a global level.
Sustainability is the core of all our activities, and it is our strong belief that being a sustainable company will create a permanent competitive advantage to us and allow us to differentiate especially from our local competitors. One of our targets in sustainability is to develop a life cycle assessment framework for our offering. The aim of the model is to combine sustainability data with financial and operational data and to demonstrate what is the net impact of our solutions in our clients’ business.
Focus on future growth
We have strengthened our management team significantly over the past year. We have recruited four new people with strong expertise in their respective fields. In addition, we have been successful in strengthening the rest of the organisation, and to succeed with our growth targets, these efforts will continue also in 2022.
The efforts to reach our strategic targets will continue. We will continue the work in taking our full solution portfolio to our clients in all our current market areas. Currently, the focus is on
Key figures
EUR thousand unless otherwise noted | Q1 2022 | Q1 2021 | Change % | 1–12/2021 |
Revenue | 43,211 | 6,584 | 556.3% | 51,517 |
EBITDA | 5,948 | -509 | N/A | 6,014 |
EBITDA margin % | 13.8% | -7.7% |
| 11.7% |
Adjusted EBITDA | 7,906 | -509 | N/A | 6,692 |
Adjusted EBITDA margin % | 18.3 % | -7.7 % |
| 13.0% |
Operating profit or loss (EBIT) | 4,463 | -1,243 | N/A | 1,941 |
Operating profit (EBIT) margin % | 10.3% | -18.9 % |
| 3.8% |
Adjusted Operating Profit (EBIT) | 6,478 | -1,190 | N/A | 2,831 |
Adjusted Operating Profit (EBIT) margin % | 15.0% | -18.1 % |
| 5.5% |
Profit (loss) for the period | 2,043 | -1,165 | N/A | 869 |
Earnings per share, EPS (basic), euros | 0.07 | -0.06 | N/A | 0.05 |
Return on equity (ROE) % | 4.5% | -2.6% |
| 1.9% |
Return on investment (ROI) % | 6.8% | -3.1% |
| 3.0% |
Equity ratio % | 50.4% | 45.8% |
| 56.2% |
Net gearing % | 15.5% | 55.8% |
| -6.9% |
Orders received | 36,293 | 6,289 | 477.1 % | 260,831 |
Order backlog | 225,838 | 18,372 | 1,129.3% | 226,906 |
Number of employees at the period end | 1,177 | 230 | 411.7% | 290 |
Number of employees on average | 968 | 232 | 317.2% | 250 |
Positive profit warning
Raising the guidance of revenue and adjusted EBIT is related to, among others, environmental response and clean-up projects started at the beginning of 2022, which have turned out to be larger in scope and taking longer than expected.
Guidance for 2022
In addition, any potential virus variant of the COVID-19 could have a negative impact on Lamor’s revenue and result in 2022 by impacting Lamor’s capabilities to deliver projects efficiently.
Webcast for shareholders, analysts, and media
Webcast for shareholders, analysts and media will be arranged on
A recording of the webcast will be available later on the company’s website at investors.lamor.com/reports-and-presentations.
Further enquiries
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Attachments
Lamor Interim Report Q1 2022.pdf
© STT Info Finland, source