Norconsult continued its profitable growth in 2021

08.March 2022
Norconsult delivered solid results in 2021. Gross revenue for the year came to MNOK 7, 424, which is an increase of more than seven per cent compared to the previous year. The operating result (EBITA) increased to MNOK 630, which implies a gross operating margin of 8.5 per cent in 2021.
Norconsult delivered solid results in 2021. Gross revenue for the year came to MNOK 7, 424, which is an increase of more than seven per cent compared to the previous year. The operating result (EBITA) increased to MNOK 630, which implies a gross operating margin of 8.5 per cent in 2021.

The full year ended on a good note as well, with a revenue for the fourth quarter of MNOK 2,105, up almost eight per cent compared to the same quarter last year. EBITA ended at MNOK 147, which corresponds to a margin of 7.0 per cent.

"The activity level has been high throughout 2021. Growth has been particularly strong in renewable energy, transport, and in the construction- and property market. It is also gratifying that interest in innovation and the use of digital tools to reduce the climate footprint and build more sustainable, has shown a strong increase among both customers and partners. In this way, we contribute to achieving the government's and the industry's climate goals," says CEO Egil Hogna.

Norconsult in Sweden and Denmark in particular have shown profitable growth over the past year. Norconsult's staffing and recruitment company Technogarden has also shown an impressive development throughout 2021. In Norway, the Regions business area has had a solid improvement from the previous year, while Headquarter and Renewable Energy continued to deliver strong results.

At the end of 2021, Norconsult had 5,100 employees, compared to 4,600 last year, and about 130 offices.  Although most of the growth is organic, 11 companies were acquired in 2021. In Sweden we acquired PE Spår- och järnvägsteknikteam, NOCA Teknik, Bothnia VVS Ingenjörer and KMV forum. In Denmark we acquired RUBOW arkitekter, while in Norway we acquired Djerving, Pure Logic, JAF arkitektkontor, AG Plan og Arkitektur, Pecom and Citiplan.

Several exciting projects won in the fourth quarter
In Norway, the level of activity is high in a number of market areas. Norconsult has consolidated its position in the hospital sector, where we won the second stage of construction of Haugesund hospital in the fourth quarter, while Hammerfest hospital and Radiumhospitalet are major ongoing projects. We also have a high level of activity within school buildings, including Norway's largest primary school, Fjellhamar, as well as seven school projects for Oslobygg. In the fourth quarter we also won Wilds Minne school in Kristiansand. In the field of transport, we are working on, among other things, the InterCity section Drammen-Kobbervikdalen and we are in the process of designing the Majorstuen light rail junction for Sporveien.

In addition, we won a contract for the Norwegian Coastal Administration in the fourth quarter where we will prepare an earth management plan for rock material from the Stad ship tunnel. Together with the Norsar Foundation and Alcatel Submarine Networks Norway, Norconsult will develop a solution that detects and alerts avalanches over roads, and if there are vehicles in the avalanche area.

In Sweden, Norconsult has also strengthened its market position, and has signed several framework agreements the last quarter. We have also won Phase 2 for the design of a new factory after the fire that affected Polarbrød in 2020, and has strengthened our position towards green industry in Norrland, with assignments for both Hybrit and Northvolt.

In Denmark, a new martial arts hall in Ringsted Sportssenter is under construction, and in addition our Danish architects are developing a larger housing development in Lisbjerg, north of Aarhus.

Nordic growth central to new strategy period
In 2021, the Group ended the strategy period from 2019, reaching the target of NOK 7 billion in revenue, MNOK 600 in operating profit, as well as high employee- and customer satisfaction. Recently, the Group launched a new strategy period for the period 2022 to 2024, where profitable growth in the Nordic region is central.

"We continue to build on what was good from the previous strategy period. The key to delivering profitable growth still lies in combining engineering, architecture and digital expertise. While several of our competitors are reducing their number of offices, Norconsult will grow on the basis of local presence in combination with expertise and collaboration across our entire network. Through re-creation and innovation, and with our new purpose "Every day we improve everyday life", we will in the next strategy period search for even more sustainable, efficient and socially beneficial solutions. We believe that we are well equipped for the future," says Hogna.

Contact

Profile picture of Hege Njå Bjørkmann
Hege Njå Bjørkmann
VP Communications and Brand