Bouvet (BOUV) Q3 2024 earnings summary

Executive summary

• Operating revenues rose 12.9% year-over-year to NOK 878.5 million in Q3 2024, with EBIT up 26.2% to NOK 101 million.

• Net profit increased 23.8% to NOK 77.9 million, and diluted EPS was NOK 0.75, up from NOK 0.61.

• Employee count reached 2,389, up 58 from Q2 and 120 over the past year, reflecting ongoing recruitment.

• New contracts secured with NAV and Hydro Aluminium; recognized as a top 10 IT employer in Norway.

• Supplementary dividend of NOK 1.00 per share declared for FY 2023.

Financial highlights

• Nine-month operating revenue increased 13.3% year-over-year to NOK 2,895.4 million.

• Fee income from group employees increased 14.3% year-over-year, driven by higher billing ratios and hourly rates.

• Net cash flow from operations was NOK 140.6 million, compared to NOK -117.4 million in Q3 2023.

• Liquid assets at quarter-end were NOK 386.7 million, up 122.5% year-over-year.

• Operating costs rose 11.4% to NOK 777.6 million, mainly due to higher personnel and event expenses.

Outlook and guidance

• Strong demand continues across operational sectors, with clients seeking strategic partnerships and AI-related assignments.

• Bouvet is well-positioned for further growth due to its broad service offering and sector expertise.

• Ongoing investments in employee development and a culture of sharing support recruitment and retention.

• Reduced employee turnover noted.