Normet posted a very strong first half of year 2018. Turnover grew by 24% and earnings before depreciations and amortizations (EBITDA) more than doubled in comparison to the same period in 2017. Full year 2018 forecasts for both turnover and earnings have been increased.
Normet Equipment and Services businesses achieved strong growth. Ground Control and Construction Technology (GCCT) grew modestly compared to first half of 2017. Profitability improved in all business lines.
The turnover forecast for year 2018 has been adjusted to 300-310 million Euro from 290-310 million Euro due to the increased market demand and strong first half of 2018. EBITDA level is forecasted to be 12-14% of sales versus previously forecasted 10-12%.
The operational model has been renewed, operations simplified and organization has been made leaner than before from July 1 onward. Sales has been split into four sales areas and the sales area heads are now part of the Normet Leadership Team. With these changes, the aim is to increase customer intimacy and focus and to support profitable growth ambitions with a scalable model. The improved efficiency enables increased profitability – strengthening the ability to invest into the future. The restructuring will bring 10 million Euro efficiency improvement that will have full effect from year end 2018 onward.
“The market remains positive and the second half of 2018 looks stronger than the first,” said Robin Lindahl, CEO Normet Group.