Dovre Group Oyj

Dovre Group Plc has announced an Extraordinary General Meeting (EGM) for its shareholders to be held on December 16, 2024, at the company's headquarters in Espoo. Shareholders representing over 40% of the company's shares have indicated support for the proposals to be discussed. The main agenda item is the Board of Directors' proposal to approve the sale of Dovre's Project Personnel and Norwegian consulting businesses to Swedish NYAB AB for an estimated EUR 34 million. This sale requires an amendment to the company's Articles of Association, which will also be addressed at the meeting. The transaction is conditional on EGM approval and is expected to close around January 2, 2025. Shareholders must register by December 11, 2024, to participate in the meeting, and proxy representation is allowed. Further details and documents related to the meeting are available on Dovre's website.

Dovre Group Plc reported a manager's transaction involving Ilari Koskelo, a board member. The transaction occurred on November 21, 2024, at NASDAQ Helsinki, where Koskelo acquired shares of the company. The transaction involved a total of 20,000 shares at a volume-weighted average price of 0.317 EUR. Dovre Group, headquartered in Finland and listed on Nasdaq Helsinki, provides global project management services and is committed to sustainability. In 2023, the company had net sales of EUR 196.7 million and an operating result of EUR 7.4 million.

Dovre Group Plc reported a manager's transaction involving Stavelin Holding AS, a legal entity closely associated with Svein Stavelin, a board member of Dovre Group. The transaction, which took place on November 21, 2024, at NASDAQ Helsinki, involved the acquisition of shares with a total volume of 50,000 and a volume-weighted average price of 0.31899 EUR. Dovre Group is a global provider of project management services with operations in several countries and is committed to contributing to an environmentally and socially sustainable future. In 2023, the company had net sales of EUR 196.7 million and an operating result of EUR 7.4 million. Dovre Group Plc is based in Finland and listed on Nasdaq Helsinki.

Dovre Group Plc has agreed to sell its Project Personnel and Norwegian Consulting businesses to NYAB AB for an estimated 34 million euros. The transaction, expected to close around January 2, 2025, involves the transfer of several global entities and employs 604 people. The sale accounts for over 50% of Dovre's turnover, potentially reducing its cash flow in 2025. The retained operations will focus on renewable energy projects. Dovre has revised its 2024 financial outlook to reflect the impact of the sale, with expected net sales of 88-93 million euros and an EBIT of -5 to -6 million euros for the retained business. The transaction is subject to approval by Dovre's Extraordinary General Meeting and other customary conditions. Dovre plans to use the proceeds for strategic investments or dividend payments. The estimated transaction costs are 400,000 euros. Dovre's financial advisor was Aalto Capital Norway, and legal counsel was provided by Waselius Attorneys Ltd and Advokatfirmaet Simonsen Vogt Wiig AS.

Dovre Group Plc has issued a negative profit warning, announcing that it will increase its 2024 revenue guidance while lowering its operating profit guidance. The updated forecast for 2024 anticipates revenue between 210-220 million euros, with an operating profit (EBIT) ranging from -1.5 to -2.0 million euros. This revision contrasts with the previous guidance, which projected revenue of 185-210 million euros and an operating profit of 2-4 million euros. The adjustment in revenue guidance is attributed to higher net sales in the Project Personnel segment, while the reduction in operating profit guidance is due to decreased profitability in certain Renewable Energy projects. Dovre Group operates globally, providing project management services, and is headquartered in Finland. In 2023, the company reported net sales of 196.7 million euros and an operating result of 7.4 million euros. Dovre Group is listed on Nasdaq Helsinki.

Dovre Group Plc released its trading statement for January to September 2024. The company's net sales in Q3 2024 rose by 19.8% to EUR 63.2 million, driven by a 72.5% increase in the Renewable Energy segment. However, net sales in the Project Personnel and Consulting segments decreased by 13.0% and 18.8%, respectively. The Group's EBITDA and operating profit in Q3 decreased by 10.5% and 11.6%, respectively. A significant one-time loss of EUR 5.8 million from a renewable project impacted the January-September period. The average number of employees increased by 14.5% due to growth in the Renewable Energy business. As of September 30, 2024, the Group's net debt was EUR 3.0 million, with cash and cash equivalents totaling EUR 7.2 million. The outlook for 2024 remains unchanged, with expected net sales of 185-210 MEUR and an operating profit of 2-4 MEUR.

Dovre Group Plc announced that its second dividend installment of 0.01 euros per share, as decided at the Annual General Meeting on April 4, 2024, will be paid on October 31, 2024. The ex-dividend date is October 23, 2024, and the record date is October 24, 2024. The company, based in Finland and listed on Nasdaq Helsinki, specializes in project management services with operations in several countries. In 2023, Dovre Group reported net sales of EUR 196.7 million and an operating result of EUR 7.4 million. The company is committed to contributing to a sustainable future. For more information, contact CFO Hans Sten.

Dovre Group Plc released its half-year financial report for January 1 to June 30, 2024. The figures are unaudited. The Renewable Energy segment, including Suvic Oy, is fully consolidated with a 49% non-controlling interest listed separately. The group faced significant profitability challenges due to a €5.8 million write-down on a Renewable Energy project in Q1, despite the project's technical success. Suvic expects better performance for the rest of 2024 compared to 2023. The outlook for 2024 remains unchanged, with expected net sales between €185-210 million and EBIT between €2-4 million. CEO Arve Jensen noted that the start of 2024 was challenging but other operations met expectations. Suvic began new projects in Sweden and Finland, and Dovre joined a renewable energy consortium in Pyhäsalmi. Project Personnel sales remained strong, with growth in EMEA and Singapore offsetting North American reductions. Consulting saw reduced activity in Norway due to new hiring legislation and decreased public investments, while the Finnish market remained stable. Dovre is aligning its sustainability reporting with new CSRD requirements. Despite global uncertainties, Dovre anticipates strong demand in the second half of the year and is implementing measures to improve operational efficiency and profitability. The full report is available online. The next financial update will be on October 24, 2024.

Ilari Koskelo, a member of the board at Dovre Group Plc, has made an initial notification of acquisition of the company's shares on NASDAQ Helsinki. The transaction, which took place on April 25, 2024, involved the purchase of 30,000 shares at a unit price of 0.325 EUR. Dovre Group is a global project management services provider with a net sales of EUR 196.7 million and an operating result of EUR 7.4 million in 2023. The company is listed on Nasdaq Helsinki and is actively involved in the green transition.

Dovre Group Plc has released a trading statement for Q1 2024, indicating a significant write-down of a renewable energy project, leading to a negative operating profit. Profitability was negatively impacted due to a €5.8 million write-down of a single renewable energy project, which was technically successful but exceeded the cost budget. Corrective actions have been taken, and Dovre expects the rest of 2024 to exceed 2023 in terms of revenue and EBIT. Net sales for Q1 2024 were €42.3 million, a 7.6% decrease compared to the same period in 2023. Dovre Group's net sales for 2024 are expected to range between 185 - 210 MEUR, and the operating profit is projected to be between 2 - 4 MEUR. The company employed an average of 812 people during the review period.