Higher volume of orders at MT Højgaard, but failing profit

The Group's revenue for the first three quarters of 2011 totalled DKK 6.6 billion compared with DKK 6.0 billion in the same period last year

The revenue of the MT Højgaard Group reached DKK 6.6 billion in the first nine months of the year. That is 10% higher than in the corresponding period in 2010, which was affected by an exceptionally hard winter.

Most of the Group's activities progress as expected. But as previously announced, the profit is substantially affected by new assessments of particular projects. This especially applies to bridge projects in Sweden and a water power plant in Panama. The result being that the pre-tax profit amounts to a loss of DKK 93 million compared with a profit of DKK 52 million in the first three quarters last year. In addition to particular projects the decline is due to lower profitability as a result of weak demand and tough competition in the market.

- Both public and private clients are still cautious. But there is an indication that the develop-ment has stabilised to some extent - even if it is at a lower level than for just a few years ago, says MT Højgaard's President and CEO Kristian May.

New orders for DKK 2.6 billion

The intake of new orders totalled DKK 2.6 billion in the third quarter. The volume of orders thus totalled DKK 9.4 billion at the quarter-end. That is DKK 300 million more than three months previously and DKK 1.1 billion higher than at the same time last year, where orders totalled DKK 8.3 billion.

- The orders intake demonstrates that the customers are confident with our quality and wide range of competencies, and they trust MT Højgaard to be a sound collaboration partner, says Kristian May.

The Group's pre-tax profit totalled DKK -93 million in the first three quarters of 2011 compared with a profit of DKK 52 million in the same period last year. As previously announced a revenue of approx. DKK 9.5 billion and a negative pre-tax margin of approx. 0 to -1% are expected for the year 2011 on the whole.

The Group's equity is DKK 1.5 billion.