Increase in MT Højgaard's revenue

Revenue of DKK 2.1 billion in the first quarter of 2011 compared with DKK 1.8 billion in the same quarter last year

Despite the market still being tough the volume of orders was DKK 8.8 billion at the end of the first quarter. DKK 0.7 billion higher than at the same time last year

Pressure on prices and profitability resulted in an operating profit of DKK -11 million in the first quarter compared with DKK -3 million last year

The revenue of the MT Højgaard Group was DKK 2.1 billion in the first quarter of the year. That is 22% higher than in the corresponding period in 2010, which was, however, affected by an exceptionally hard winter.

The industry still experiences intense competition for orders and low prices. This leads to a considerable pressure on the contribution ratios.

- Generally market conditions have stabilised, but demand on the construction and civil engineering market has not turned conclusively yet. Decision makers in both the public and private sector are still cautious, and negotiations on prices are tough, says MT Højgaard's President and CEO, Kristian May.

The Group's pre-tax profit was DKK -19 million compared with DKK 6 million in the first quarter of last year and with DKK 100 million for the entire year of 2010.

A revenue of approx. DKK 9.5 billion is still expected for 2011 as a whole, and the pre-tax margin is expected to be around 1%.

Orders for DKK 8.8 billion

The volume of orders in Denmark's largest construction and civil engineering company totalled DKK 8.8 billion at the end of the first quarter. At the same time last year the volume of orders totalled DKK 8.1 billion, and at the beginning of the year it was DKK 9.2 billion.

- MT Højgaard conducts negotiations for a number of new big projects. Our competencies make our customers feel secure, and they know that we approach every task with strength both financially and when it comes to competencies, says Kristian May.

The Group's equity amounts to DKK 1.6 billion corresponding to an equity ratio of 33%, and the financial resources totals over DKK 800 million.