Bouvet (BOUV) Q2 2024 earnings summary

Executive summary

• Operating revenues rose 20.2% year-over-year to NOK 1,001.2 million, with EBIT up 52.3% to NOK 135.6 million and net profit up 49.9% to NOK 104.0 million.

• Employee count reached 2,331, up 8% year-over-year and 15 from the previous quarter, supporting growth and delivery capacity.

• Secured major new framework agreements in both public and private sectors, including with the Swedish Association of Local Authorities and Regions, the Norwegian Directorate for Higher Education and Skills, and Sykehusinnkjøp HF.

• Recognized as a top 10 most attractive employer by IT students in Norway, up one place from 2023.

• Strong demand across sectors, with a focus on strategic partnerships and information security.

Financial highlights

• EBIT margin improved to 13.5% from 10.7% in Q2 2023; diluted EPS rose 52.3% to NOK 1.00.

• Net cash flow from operations was NOK 108.3 million, down from NOK 123.9 million in Q2 2023; liquid assets at quarter-end were NOK 276.7 million.

• Fee income from group employees grew 23.5% year-over-year, driven by higher billing ratios, increased hourly rates, and more working days.

• Dividend of NOK 269.9 million paid in Q2 2024.

• Equity ratio at 21.0%, down from 23.3% a year earlier.

Outlook and guidance

• Anticipates continued strong demand in core sectors, with a focus on digitalisation, AI, and information security.

• Well positioned for generative AI projects, team-based contract execution, and reduced employee turnover.

• Focus on personnel development, skills sharing, and recruitment to support further expansion.