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Image: Endúr / FIS
Endúr halved turnover in the aquaculture segment
(NORWAY, 8/25/2023)
Despite the downturn in aquaculture, the listed company achieved its best pre-tax result for the second quarter.
 The turnover of the infrastructure group Endúr was NOK 543.9 million (USD 50.85 M), down from NOK 637.9 million (USD 59.64 M) in the corresponding quarter last year, according to a stock exchange announcement.
Operating profit ended at NOK 33 million (USD 3.09 M), while profit before tax improved to NOK 27.8 million (USD 2.6 M). Profit before tax was up from NOK 7.8 million (USD 730k) in the same quarter last year.
"Operationally, our results in the second quarter were solid across all industry segments. Consequently, we are delivering another quarter with strong financial results, even though construction activities have been limited within Aquaculture Solutions¨ , says Endúr managing director Jeppe Raaholt.
Fall in the Aquaculture Solutions segment
Source: Endúr
In the Aquaculture Solutions segment, turnover was NOK 172.2 million (USD 16.1 M) in the second quarter of the year, down from NOK 332.6 million (USD 31.1 M) at the same time last year. This corresponds to a turnover reduction of 48.2 per cent.
Endúr explains the lower level of income by the fact that the Artec Aqua team is engaged in planning and design for projects that have not yet reached the more capital-intensive construction phases.
EBITDA in Aquaculture Solutions was NOK 7.2 million (USD 670k), which corresponds to an EBITDA margin of 5.7 per cent. Last year, the margin was NOK 17 million (USD 1.59 M) and 5.1 percent.
Good margins in Marine Infrastructure
Source: Endúr
Endúr Maritime achieved a turnover of NOK 76.9 million (USD 7.19 M), up from NOK 58.7 million (USD 5.49 M) from last year. EBITDA ended at NOK 8.7 million (USD 810k), corresponding to an EBITDA margin of 11.3 per cent, in this segment.
"The figures from our Marine Infrastructure businesses are impressive. Moreover, the market outlook is still good within all segment niches, so we expect the results to remain strong going forward, but with quarterly fluctuations that are normal for project companies", says Jeppe Raaholt.
Salmon Evolution phase 2
Source: Endúr
Endúr's order backlog was NOK 1,479 million (USD 138.28 M) at the end of the second quarter, compared to NOK 1,760 million (USD 164.56 M) last year. Order intake in the second quarter of the year was NOK 299 million (USD 27.96 M). Last year, the order reserve was NOK 289 million (USD 27.02 M).
"We expect a significant increase in construction activities through 2024 and are therefore very optimistic with regard to the group's long-term potential for creating additional earnings and values", elaborates the CEO.
In the stock exchange announcement, it is specified that the fixed order reserve does not yet include the construction phase of the contract of estimated NOK 1,600 million (USD 149.6 M) with the Icelandic salmon farmer Geo Salmo, or the construction phase of Salmon Evolution phase 2. The income from Salmon Evolution phase 2 is estimated at approx. NOK 800-900 million (USD 74.8 M - 84.15 M).
Source: iLaks (Traslateed from the original in Norwegian)
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Torget 5
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