Blom ASA presented the report for 2nd quarter 2010 today, August 12th. The presentation was webcast.
2Q 2010 Presentation
2Q 2010 Result Report
YET ANOTHER CHALLINGING QUARTER
The company posted revenues of NOK 184 million in the 2nd quarter, compared with NOK 225 million in the same quarter in 2009. EBITDA for the quarter was NOK 14 million, compared with NOK 49 million for the corresponding quarter in 2009. This corresponds to an EBITDA margin of 7.8 per cent, compared with 22.0 per cent in the 2nd quarter of 2009. The operating loss for the quarter was NOK 7 million, compared to a profit of NOK 28 million for the same period in 2009.
The operating revenues for the respective segments totalled NOK 157 million for Geo Engineering and NOK 27 million for Information Services in the 2nd quarter. The comparative figures for the 2nd quarter 2009 were NOK 192 million for Geo Engineering and NOK 33 million for Information Services.
The demand for the company’s contractual services, for which the public sector is the largest customer group, has been marked by the continuing weak economy in a number of countries in which we have a significant portion of our operations in the 2nd quarter as well. This has resulted in temporary pressure on the prices in parts of our operations. The company has decided to focus on services where satisfactory margins can be achieved. This strategy will have a negative impact on our revenue growth for Geo Engineering in 2010. As a result of the somewhat weak macroeconomic environment, we have reduced our workforce, which will in short term have a negative impact on earnings, but will give us a healthy cost base when the macroeconomic environment improves.
In the Information Services area the company has reorganised and accelerated the build-up of its own sales force during the quarter. In combination with the implementation of more sales-oriented partnerships, these measures are over time expected to improve the company’s ability to sell the same data to multiple customers through different distribution channels.
Revenues for the 1st half year were NOK 306 million, compared with NOK 375 million for the same period in 2009. EBITDA for the 1st half year was NOK 8 million, compared with NOK 44 million for the corresponding period in 2009. This corresponds to an EBITDA margin of 2.5 per cent, compared with 11.6 per cent in the first half of 2009. The operating loss for the 1st half year was NOK 35 million, compared with a profit of NOK 1 million for the same period in 2009.
For further information please contact:
CEO, Dirk Blaauw
Tel: +47 22 13 19 20
CFO Lars Bakklund
Tel: +47 22 13 19 34.