Dovre Group Oyj

Ticker/ISIN
DOV1V
FI0009008098
Marknad/Land
Main Market, Helsinki
Sweden

Om Dovre Group Oyj

Dovre Group is a global provider of project management services. Dovre Group has two business areas: Project Personnel and Consulting. The Group’s Project Personnel business area operates worldwide and has over 30 years of experience as a global provider of energy industry professionals, especially for the oil and gas industry. The Group’s Consulting business area, operating in the Nordic countries, provides management and project management expertise for the development and execution of major investment projects.

Senaste sammanfattade pressmeddelande från Dovre Group Oyj

Dovre Group Plc has acquired the remaining 42.8% shares of Renetec Oy, making it the sole owner of the company. The purchase price is undisclosed. Renetec specializes in developing solar park projects and plans to expand into Battery Energy Storage System (BESS) projects. These projects are strategically located near electrical grid connection points and are nearing construction readiness. Sanna Outa-Ollila, Acting CEO of Dovre Group, expressed enthusiasm about integrating Renetec's expertise into the group. Dovre Group focuses on renewable energy project development in the Nordic countries and employs about 200 people.
Dovre Group Plc announced that its subsidiary, Suvic Oy, has signed a conditional EPC contract for a 100 MWp solar park in Finland. The contract, valued at approximately €55 million, is contingent upon receiving a "Notice to Proceed" expected in late February 2025. The project involves a turnkey construction of the solar park and substation, with construction slated to start in March 2025 and completion anticipated by autumn 2026. Suvic, known for its expertise in industrial-scale solar projects, has previously built a 32 MW solar plant in Rauma and is working on another in Lapua. Dovre Group operates in renewable energy and project management across the Nordic countries and expects sales of 88–93 million euros in 2024, employing around 200 people.
Dovre Group Plc announced that Stein Berntsen, President of Business Area Consulting, has resigned from the Executive Team following the sale of Dovre's Project Personnel and Consulting Norway businesses to NYAB AB. Berntsen will join NYAB AB in a new role. Svein Stavelin, Chairman of Dovre Group, expressed gratitude for Berntsen's contributions. The Dovre Group's executive team now includes Acting CEO Sanna Outa-Ollila and CFO Hans Sten. Dovre Group focuses on renewable energy projects and related services in the Nordic countries, with estimated sales of 88–93 million euros for 2024 and approximately 200 employees.
Dovre Group Plc has finalized the sale of its Project Personnel and Norwegian Consulting businesses to NYAB AB, following a conditional agreement announced on November 20, 2024. The transaction was approved by Dovre Group’s Extraordinary General Meeting on December 16, 2024. The preliminary purchase price was around 35.3 million euros, based on the estimated EBIT for 2024. Dovre Group received approximately 28.2 million euros in cash, with 7.1 million euros held in escrow. The final purchase price, expected to be similar to the preliminary amount, will be determined in the first half of 2025. The sale is treated as a discontinued operation under IFRS 5, and it does not affect Dovre Group’s 2024 guidance for its remaining business. Dovre Group focuses on renewable energy projects and related services in the Nordic countries, with estimated 2024 sales of 88–93 million euros and about 200 employees.
Dovre Group Plc has issued a negative profit warning, lowering its 2024 guidance for operating profit. Following the sale of its Project Personnel and Norwegian Consulting businesses to NYAB AB, the company expects net sales for its retained businesses to be between 88-93 million euros, with an operating profit (EBIT) projected to be between -13 and -15 million euros. The lowered guidance is attributed to reduced profitability in certain Renewable Energy projects by its subgroup Suvic, due to delays and increased costs caused by winter conditions. The forecast includes potential losses until these projects are completed, with some uncertainty extending into 2025. Dovre Group owns 51% of Suvic. In 2023, Dovre Group's net sales were 196.7 million euros with an operating result of 7.4 million euros. Dovre Group is based in Finland and listed on Nasdaq Helsinki.
Dovre Group has announced the appointment of Sanna Outa-Ollila as Acting CEO starting December 17, 2024, following the company's decision to sell its Project Personnel and Norwegian Consulting businesses to NYAB AB. The former CEO, Arve Jensen, will transition to NYAB after the sale, expected to close around January 2, 2025. Outa-Ollila is also a member of Dovre's Board of Directors. Dovre Group is an international provider of project management services with operations in several countries and reported net sales of EUR 196.7 million in 2023. The company is based in Finland and listed on Nasdaq Helsinki.
Dovre Group Plc held an Extraordinary General Meeting on December 16, 2024, where it was decided to approve the sale of Dovre's Project Personnel and Norwegian consulting businesses to Swedish NYAB AB for an estimated EUR 34 million. This transaction, expected to close around January 2, 2025, involves Dovre receiving 80% of the purchase price in cash and 20% in an escrow account. The final purchase price will be adjusted based on 2024 financial results. Consequently, Dovre will amend its Articles of Association to reflect its change in business operations. The meeting minutes will be available on the company's website. Dovre Group, headquartered in Finland and listed on Nasdaq Helsinki, provides project management services globally and is active in sustainable practices.
Suvic AB, a subsidiary of Suvic Oy, has signed Balance of Plant (BoP) contracts for the construction of the Vinliden North and South wind farms in Lycksele, northern Sweden. The project involves 11 wind turbines and will be carried out by Suvic AB. The contracts are with Vinliden Vindkraft AB, a joint venture of funds managed by Prime Capital AG and Polhem Infra AB. The project includes design work and construction of infrastructure such as roads and cabling. Suvic has already completed some preliminary work and construction will resume in May after the winter. The wind farms are expected to be completed by October 2025. Suvic, founded in 2017 in Oulu, focuses on renewable energy construction in the Nordic countries. Prime Capital AG, an asset management firm specializing in Alternative Investments, manages part of the joint venture and has a history of collaboration with Suvic.

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Kallelse till årsstämma: NOTICE TO THE EXTRAORDINARY GENERAL MEETING OF DOVRE GROUP PLC

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.

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Transaktioner utförda av personer i ledande ställning: Dovre Group Plc: Managers' Transactions - Koskelo Ilari

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.

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Transaktioner utförda av personer i ledande ställning: Dovre Group Plc: Managers' Transactions - Stavelin Holding AS

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.

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Insiderinformation: Dovre Group sells its Project Personnel and Norwegian consulting businesses to NYAB AB

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.

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Insiderinformation: Negative profit warning: Dovre Group Plc will raise its 2024 guidance for revenue and lower its 2024 guidance for operating profit

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.

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Interimsrapport: DOVRE GROUP TRADING STATEMENT JAN 1 - SEPTEMBER 30, 2024

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.

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Övrig information som ska lämnas enligt börsens regler: DOVRE GROUP PLC's SECOND DIVIDEND INSTALLMENT BASED ON THE ANNUAL GENERAL MEETING DECISION (APRIL 4, 2024)

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.

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Halvårsrapport: DOVRE GROUP'S HALF-YEAR FINANCIAL REPORT 1.1.-30.6.2024

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.

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Transaktioner utförda av personer i ledande ställning: Dovre Group Plc: Managers' Transactions - Koskelo Ilari

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.

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Interimsrapport: Correction: DOVRE GROUP TRADING STATEMENT JANUARY 1 - MARCH 31, 2024

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.

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