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DOVRE GROUP TRADING STATEMENT JANUARY 1 – SEPTEMBER 30, 2021 Dovre's net sales and operating profit increased in Q3. Positive profit warning - raises guidance for 2021

Dovre Group Plc                Stock exchange release                October 27, 2021 at 8.45 a.m.

Dovre's net sales and operating profit increased in Q3. Positive profit warning - raises guidance for 2021

Dovre Group Plc issues today a trading statement for the nine months ended on September 30, 2021. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.

July – September 2021

  • Net sales EUR 46.5 (16.5) million – increase 181.7%
    • Project Personnel: net sales EUR 19.4 (13.4) million – increase 44.0%
    • Consulting: net sales EUR 3.3 (3.1) million – increase 7.3%
    • Renewable Energy: net sales EUR 23.9 (-) million
  • Operating profit EUR 2.7 (0.6) million – increase 340.3%
  • Profit for the period EUR 1.5 (0.4) million – increase of 306.6%
  • Earnings per share EUR 0.014 (0.004)
  • Dovre Group announced on August 16, 2021, the acquisition of eSite Industrial Reality Capture business from Fortum. The transaction expanded Dovre's offering in project consulting.

January – September 2021

  • Net sales EUR 100.4 (59.7) million – increase 68.3%
    • Project Personnel: net sales EUR 53.4 (48.9) million – increase 9.2%
    • Consulting: net sales EUR 11.9 (10.8) million – increase 10.9%
    • Renewable Energy: net sales EUR 35.0 (-) million (April – September)
  • Operating profit EUR 4.3 (1.8) million – increase 144.0%. The item includes EUR 0.1 million of non-recurring costs related to Suvic-acquisition.
  • Profit for the period EUR 2.5 (1.5) million – increase of 71.2%
  • Earnings per share EUR 0.024 (0.014)
  • Net cash flow from operating activities EUR 1.2 (2.0) million
  • Dovre Group strengthened its renewable energy expertise by acquiring 51% of Suvic Oy, a Finnish windmill park construction and construction design company, on March 31, 2021.

Outlook for 2021

Positive profit warning: Dovre Group Plc raises its net sales and EBIT guidance for 2021

New Guidance for 2021: Dovre Group's net sales in 2021 is expected to be more than EUR 130 million (2020: 77 million) and the operating profit (EBIT) is expected to be more than EUR 5.0 million (2020: 2.4).

Previous guidance for 2021 (issued on September 23, 2021): Due to positive development in our main markets, Dovre Group’s net sales in 2021 is expected to be more than EUR 125 million (2020: 77 million) and the operating profit (EBIT) is expected to be more than EUR 4.5 million (2020: 2.4).


I am very pleased with Dovre’s development so far this year. In Q3 our net sales increased by 181.7% to 46.5 (16.5) million euros and EBIT-margin increased to 5.7 (3.6) %.

The growth was mainly driven by the Suvic acquisition that was closed in March, and the favorable development of the new Renewable Energy segment which was established as a result. In addition, the strong performance of Project Personnel and Consulting businesses in Q3 contributed to the growth.

Net sales in our Renewable Energy business totaled 23.9 million euros, representing already 51% of the Group’s Q3 net sales. The performance was driven by the three new windmill projects started in this segment in Q2 and additional two windmill projects that were announced during Q3. Again, it must be noted that Renewable Energy business also has stronger seasonality than our other businesses, which leads to the segment’s seasonally higher sales and profitability in Q3/H2 than in H1.

Our ongoing businesses Project Personnel and Consulting performed well too and in Q3 these segments’ combined net sales increased by 37.2% year-on-year. In Project Personnel business the main growth comes from Singapore and Norway where our activity levels have continued to increase. Even if we still have to adjust to some Covid-19 impacts, the Singapore unit has reached its all-time high in headcount with more than 330 consultants engaged in construction and commissioning of several projects locally. The market in Norway is also very active with many of our clients working with engineering and planning phase of several new projects. The combination of high energy demand, high oil price and the Covid-19 tax regulations are impacting favorably early phase project activities.

In Consulting Norway, the positive trend continued also in Q3, and the activity is gradually normalized after finalizing several major projects during H1. In Consulting Finland, the major event was that we continued our business diversification by purchasing industrial reality capture business eSite from Fortum. eSite specializes in 3D-imaging of industrial sites and operating plants to improve project execution and operating plant's performance, and we see it as a promising venture in expanding and strengthening our existing service offering. We expect the value creating impacts of this purchase to be visible in our business from 2022 onward.

To further strengthen our services in Finland, Miko Olkkonen started 1 of September as VP of Finland. In this position he will take lead both in Consulting (including eSite) and Project Personnel business areas in Finland.

All in all, the first nine months have been very active in Dovre both in terms of business diversification and client projects. The Group’s net sales in January–September were up 59.7% year-on-year and EBIT-margin improved to 4.3 (2.9) %. In addition, we reached a milestone where more than 50% of our sales are now outside oil and gas. With the growth of our business our personnel numbers have also reached a new high at 884 employees at the end of September.

I feel confident that Dovre is on the right growth track. We will continue to work hard to improve our profitability and on integrating the acquired new businesses to Dovre to ensure the best service offering and value added for our clients.


Dovre Group purchased eSite operations from Fortum in a transaction announced on August 16, 2021. eSite is a reality capture start-up company that specializes in 3D-imaging of industrial sites and operating plants to improve project execution and operating plant's performance. eSite's secure cloud services make it possible for relevant stakeholders to visit industrial plants and construction sites remotely and improve project execution, shutdown planning, operations & maintenance and safety at site.

The acquired reality capture services expand Dovre's offering in project consulting and they will also be integrated in Proha's project management solutions. Fortum transferred the eSite business to the ownership of Dovre after the transaction was closed in September, excluding certain customers whom Fortum will continue to serve in partnership with Dovre.

The acquisition had no impact on Dovre's 2021 guidance. The transaction is not expected to cause material non-recurring expenses for Dovre.

Further information on the transaction can be found in the stock exchange releases issued by Dovre Group on August 16, 2021.


Q3 development

In Q3, Dovre Group’s net sales increased by 181.7% to EUR 46.5 (16.5) million mainly due to the acquisition of Suvic, but were also affected by the favorable market development, which was reflected in the growth of all three business segments.

In the third quarter, the new Renewable Energy segment's share of net sales rose to 51 percent. The segment has grown strongly with the launch of new windmill park projects in the third and second quarters of the year. Renewable Energy's net sales in Q3 totaled EUR 23.9 million.

The relative shares of the other segments decreased correspondingly and Project Personnel accounted for 42 (81) percent of net sales and Consulting for 7 (19) percent. Project Personnel’s net sales increased by 44.0% to EUR 19.4 (13.4) million. The rapid growth is explained by both the improvement in the market environment in different market areas and the low comparison level caused by the coronavirus pandemic in the comparison period. Net sales in Consulting increased by 7.3%, totaling EUR 3.3 (3.1) million. The new eSite business acquired in August had no effect on the segment's revenue.

Development in January–September

In January–September, Dovre Group’s net sales increased by 68.3% to EUR 100.4 (59.7) million. Net sales increased mainly due to the Suvic acquisition and the resulting strong growth in the Renewable Energy segment, but also due to the favorable development of other businesses.

Project Personnel accounted for 53 (82) per cent, Consulting for 12 (18) percent and Renewable Energy for 35 (-) percent of the Group’s net sales. Project Personnel’s net sales increased by 9.2% to EUR 53.4 (48.9) million and net sales for Consulting increased by 10.9%, totaling EUR 11.9 (10.8) million. Net sales in Renewable Energy totaled 35.0 (-) million euros (April – September).

Year-on-year fluctuations in foreign currency exchange rates had a minor positive impact on the Group’s net sales in the period under review.

Net sales by reporting segment 







EUR million20212020%20212020%2020
Project Personnel19.4
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