Head Energy delivers preliminary revenues of mNOK 483 in 2020, up 5% compared to 2019-revenues. Profit margins are also slightly higher than in 2019, despite challenging market conditions caused by Covid-19 and low energy prices.
Preliminary EBIT-margins equals 6.1% for 2020, compared to 5.6% in 2019. The margin expansion is mainly due to solid performance by Head Energy’s engineering, offshore wind, and civil engineering units. The consulting unit also performed well considering difficult market conditions in the second quarter.
The year-end 2020 orderbook equals mNOK 470, up approximately mNOK 37 compared to year-end 2019, providing a good platform for further growth in 2021.
Based on the current orderbook situation, reflecting improving market conditions and recovering demand, Head Energy expects solid revenue growth in 2021. Head Energy has made considerable capacity investments in 2020 and is well positioned to take advantage of the current demand growth.
Bergen, 27 January 2021
Nils Haukeland, CFO Head Energy Group