COWI Financial Report published

27 August 2009, 10:18am

In spite of the worldwide financial crisis, COWI's operating profits increased by 12 per cent in H1 2009. Turnover increased by 14 per cent. For the entire year COWI expects considerable growth in turnover and a profit before tax above the 2008 level.

COWI continues to see high global demand for consultancy services, especially within infrastructure, energy and environmental science. The Group headcount has increased by more than 250 employees in six months.

"H1 2009 performance is satisfactory. Our turnover and earnings are increasing compared with H1 2008," says Lars-Peter Søbye, President and CEO of COWI.

Large infrastructure projects such as the Cityringen expansion of Copenhagen's Metro in Denmark, two major airport projects in Oman and the Qatar-Bahrain Causeway still feature heavily. In Norway, COWI's exceptionally strong position in the health sector building market was highlighted yet again with the contract for the Nordland Hospital in Bodø.

Adapting focus and resources

The financial crisis has had the most impact on COWI’s building consultancy and in Central and Eastern Europe, where the countries in the region have been hit hard by the crisis.

"We are striving to adapt our focus and resources to areas with growth potential in the short and the long term," says Lars-Peter Søbye.

COWI's position strengthened

On 2 July, COWI signed an agreement to acquire the Swedish consultancy firm Flygfältsbyrån (FB). This will influence turnover and earnings from the formal acquisition date on 1 September 2009.

"The financial crisis and the economic trends are uncertainty factors for developments in 2009. However, we expect considerable growth in turnover and a profit before tax above the 2008 level," says Lars-Peter Søbye.

o Net turnover increased from EUR 228 million to EUR 260 million (up 14 per cent).
o Operating profit increased from EUR 12 million to EUR 13 million (up 12 per cent).
o Operating margin (EBIT) remained unchanged at 5.2 per cent.
o Profit before tax increased from EUR 10 million to EUR 15 million (up 51 per cent).
o COWI’s share of profit for the period increased from EUR 7 million to EUR 10 million (up 45 per cent).

Read the interrim report on COWI's website at the link below.

COWI Interim Financial Report (PDF)

Geo: International