12 February 2019

Bergen Group ASA – Interim report for Q4 2018

Bergen Group ASA had large restructuring and non-recurring costs in Q4. At the same time, order books has increased substantially.

In the fourth quarter, Bergen Group ASA has a total negative operating profit before depreciation and write-downs of NOK 19 million after restructuring and non-recurring costs of NOK 13.5 million in the quarter.

Bergen Group has now completed a time-consuming and costly restructuring. In total, the total restructuring and one-off costs for the whole of 2018 are NOK 28 million. This includes NOK 21 million in losses and settlement costs related to Bergen Group Services' department at Straume.

At the same time, both the order book and the underlying operations has been significantly strengthened. The order backlog as of December 31 was NOK 276 million, an increase of 80 % during the last year.

“. We have now completed the structuring and put in place a sturdy and focused foundation that we are bringing to the upcoming merger with Endúr Fabricom”, says CEO Nils Hoff in Bergen Group ASA The basis for a strong and profitable growth is now in place, which was absolutely necessary to increase the Group's future market position.

“The group has undergone a demanding change process, which I am convinced will bear fruits already in the 1st quarter of 2019. The strong increase in the order book of 80% over the past year shows that we have managed to combine restructuring with growth”, summarizes Nils Hoff.

The merger with Endúr Fabricom will be completed by the end of next week, and from the same date, the Group will change its name to Endúr ASA.

The Q4 2018-report can be downloaded here.

Contact persons:

CEO Nils Hoff, tel. +47 930 92 346 
CFO Morten Riiser, +47 406 39 734 
SVP Corporate Functions & Communications Øyvind Risnes, tel. +47 480 48 561