Showing posts with label Monberg. Show all posts
Showing posts with label Monberg. Show all posts
Friday, 15 June 2012
MT Højgaard nets half a billion contract in Albertslund
MT Højgaard has been chosen to refurbish 544 terraced houses in Albertslund South urban district in a 520 million DKK turnkey project awarded by BO-VEST. The work will commence this August and last for around three years. The refurbishment is part of a larger plan called “Master Plan South” started in 2009. There were numerous other bidders and MT Højgaard said it was the best on price, quality and process. The project is expected to have a positive impact on revenue and profit over its lifetime but does not influence 2012 guidance. MT Højgaard is owned by two listed companies Højgaard Holding (CPH: HOEJ B) and Monberg & Thorsen (CPH: MT B)
Wednesday, 16 May 2012
MT Højgaard lowers 2012 expectations
Danish construction company MT Højgaard (MTH), which is owned by two listed companies Højgaard Holding (CPH: HOEJ B) and Monberg & Thorsen (CPH: MT B) released Q1 2012 interim result today. The company called the financial performance unsatisfactory. The loss before taxes of 152 million DKK exceeded even internal estimates. Revenue was actually up nicely to 2.5 billion DKK but many projects, particularly two bridge projects in Sweden.
The company says that unfortunately margins on orders accepted in 2011 and before that are too low compared to the complexity and risk profiles of these orders. There have been management changes due to the aforementioned issues earlier. MTH now expects to post a loss for the fiscal year 2012 as opposed to an earlier expectation of a positive result. Revenue is expected to be even or slightly higher than in 2012 but pre-tax margin should hover around -1%. The overall result for the remaining three quarters is expected to be positive and the annual operating cash flow is also expected to break par.
The company says that unfortunately margins on orders accepted in 2011 and before that are too low compared to the complexity and risk profiles of these orders. There have been management changes due to the aforementioned issues earlier. MTH now expects to post a loss for the fiscal year 2012 as opposed to an earlier expectation of a positive result. Revenue is expected to be even or slightly higher than in 2012 but pre-tax margin should hover around -1%. The overall result for the remaining three quarters is expected to be positive and the annual operating cash flow is also expected to break par.
Wednesday, 14 March 2012
MT Højgaard post annual loss, fires CEO
Denmark’s largest construction & civil engineering company MT Højgaard posted an annual pre-tax loss of 335 million DKK in 2011, corresponding to pre-tax margin of -3.6%. The firm described the year simply as ”bad”. The loss was larger than what the company had been guiding for.
MTH says that the poor result is not attributable to poor market conditions alone. President & CEO Kristian May is therefore let go and Board Of Director’s deputy chairman Jørgen Nicolajsen will be acting as interim President & CEO until a permanent replacement can be found. The company will start to focus on risk management and profitability even more vigorously.
The company says that balance sheet is still healthy with equity of 1.3 billion DKK (equity ratio is down to 22.8% from 34.5% at the end of 2010). The order book stands at 9 billion DKK. In 2011 revenues were 9.3 billion and 2012 guidance is for a similar amount. Financial performance is expected to be positive.
MT Højgaard is owned by two listed companies: Højgaard Holding (CPH: HOEJ B) and Monberg & Thorsen (CPH: MT B). Both of them are under considerable pressure in today’s trading. After Monberg & Thorsen divested its additional operations last year, it has been speculated that some kind of arrangement combining these companies might be forthcoming. It is now said that an independent listing will be postponed until better results are shown.
MTH says that the poor result is not attributable to poor market conditions alone. President & CEO Kristian May is therefore let go and Board Of Director’s deputy chairman Jørgen Nicolajsen will be acting as interim President & CEO until a permanent replacement can be found. The company will start to focus on risk management and profitability even more vigorously.
The company says that balance sheet is still healthy with equity of 1.3 billion DKK (equity ratio is down to 22.8% from 34.5% at the end of 2010). The order book stands at 9 billion DKK. In 2011 revenues were 9.3 billion and 2012 guidance is for a similar amount. Financial performance is expected to be positive.
MT Højgaard is owned by two listed companies: Højgaard Holding (CPH: HOEJ B) and Monberg & Thorsen (CPH: MT B). Both of them are under considerable pressure in today’s trading. After Monberg & Thorsen divested its additional operations last year, it has been speculated that some kind of arrangement combining these companies might be forthcoming. It is now said that an independent listing will be postponed until better results are shown.
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