Nekkar ASA: Q4 and interim full-year 2024 financial results
13 February 2025 – Nekkar ASA (Nekkar) delivered revenue of NOK 181 million in last year’s fourth quarter, which is more or less unchanged from the same quarter in 2023 (179). EBITDA was NOK 27 million (32), equivalent to a margin of 15.1 percent (18%). Cash flow excluding buy-backs was strong at NOK 68 million (30) in the fourth quarter.
The fourth quarter and 2024 results position Nekkar well to deliver on its strategic ambitions:
- Strong operational cash flow of NOK 68 million in Q4 driven by progress in key projects in Syncrolift
- Growth in Group revenue of NOK 575 million in 2023 to NOK 838 million (pro-forma incl. Globetech and FiiZK) in 2024
- Continued expansion of the Nekkar portfolio according to communicated strategy – Globetech acquired and FiiZk restructuring completed
- Key contract wins for several operating companies – FiiZk secured two major contracts and Syncrolift awarded Haakonsvern shiplift and transfer system project
“We deliver high quarterly revenue and improved EBITDA compared to the previous quarters. The financial numbers reflect that Nekkar has become a more diverse business and some of the growth companies and technologies in our portfolio are starting to mature. This provides us with an improved platform for 2025 and beyond,” says Ole Falk Hansen, CEO of Nekkar ASA.
Nekkar’s order intake was NOK 187 million in the fourth quarter (242), impacted by Syncrolift’s contract to deliver a newbuild shiplift and transfer systems for submarines to the Haakonsvern naval base in Norway.
Nekkar’s order backlog stood at NOK 744 million at year-end-2024 (803). The backlog figure does not include FiiZK’s contract award in October 2024 to deliver two large “Protectus” closed fish cages to a Norway-based fish farmer, as FiiZK is defined as an associated company and not consolidated into Nekkar ASA’s financial accounts.
“The market for closed fish cages is looking increasingly attractive. This is driven by both positive feedback from fish farmers and proposed new regulations that could further enhance market interest in FiiZK’s Protectus closed fish cage, which already meets the requirements of the new regulations,” adds Ole Falk Hansen.
Nekkar delivered cash flow before buy-backs of NOK 68 million in the fourth quarter (30) and a net cash flow of NOK 46 million (28). The difference between operating and net cash flow is explained by purchase of own shares of NOK 22 million in the period. Nekkar has a strong balance sheet with NOK 205 million in cash, no interest-bearing debt and an undrawn credit facility of NOK 200 million.
For the full-year 2024, Nekkar delivered revenue of NOK 624 million, up 8.5 percent from NOK 575 million the prior year. EBITDA in 2024 ended at NOK 92 million (109), with a net profit of NOK 86 million (83).
NOK 2BN+ AMBITION
On 14th November 2024, Nekkar announced its strategic priorities towards 2027. The plan is to continue the development and organic growth of Nekkar’s current operating companies, and to develop a strategically balanced Nekkar portfolio through M&A activity. This will be underpinned by solid underlying operations with focus on profitability, cash flow generation and disciplined capital allocation.
Nekkar is currently owning five companies. By 2027 the company plans to increase this to 6-8 companies. The ambition is to reach NOK 2+ billion in revenue in 2027. Revenue for 2024 for Nekkar’s four operating companies and its associated company FiiZK was NOK 838 million (including full year effect of Globetech).
“Our plan is to surpass the NOK 2 billion target by a combination of organic growth and carefully chosen accretive acquisitions. Our operating companies’ performance in the fourth quarter, and the favourable outlook we currently see in our market segments, have made me even more confident in realising this objective,” adds Ole Falk Hansen.
PRESENTATION AT 08:00 AM TODAY
Nekkar ASA invites investors, analysts and media to a presentation of the company’s fourth quarter and interim full-year 2024 financial results today at 08:00 CET
The webcast presentation can be viewed from this URL: https://channel.royalcast.com/landingpage/hegnarmedia/20250213_17/
Questions can be submitted during the live webcast. The presentation material is enclosed to this announcement.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Contacts
- Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com
About Nekkar ASA
Nekkar (OSE: NKR) is an industrial technology group offering impact technologies combined with high-end software solutions. The group combines 50 years' heritage from the world's number one shiplift company, Syncrolift, with new investments into sustainable, digitalised technology businesses that aim to unlock growth within ocean-based industries such as offshore energy, renewables and aquaculture.