Aker Solutions is on course to deliver full-year revenue growth of more than 20% after a strong start to 2022.
Net income before tax for the first quarter of the year was NOK 281 million, a modest improvement on the NOK 206 million the company reported in the first quarter of 2021.
Revenue stood at NOK 8.3 billion, up from NOK 6.4bn in the corresponding period last year.
Earnings before interest, taxes, depreciation, and amortization (ebitda), Aker Solutions’ favoured financial yardstick, was NOK 583m, compared to NOK 429m in Q1 2021.
Across the first three months of the year the engineering firm took orders of NOK 7bn, meaning its backlog now stands at NOK 48bn.
Kjetel Digre, chief executive of Aker Solutions, said: “Our first-quarter results demonstrate that we continue on track with our strategy and targets, and I am pleased with our performance in the quarter.
“As we look ahead to the rest of 2022, we are on the path to deliver full-year revenue growth of more than 20 percent, with increased earnings.”
During the quarter, Aker Solutions, which has a regional base in Dyce on the outskirts of Aberdeen, announced the acquisition of Rainpower, a leading hydropower technology company.
The company also successfully completed the previously announced purchase of the Norwegian engineering company Unitech Power Systems, as well as a smaller acquisition of EPE Eigedom.
Looking ahead the “outlook remains positive” for Aker Solutions and the company expects increased project sanctioning moving forward.
Global oil and gas supply is expected to remain constrained in the coming years and energy security to remain a priority.
This should support “continued high commodity prices” and is projected to lead to multiple years of spending growth from the company’s customers.
Aker Solutions said it will continue to monitor the supply chain situation proactively, given the current dynamic macro environment.
Mr Digre said: “The market outlook overall remains positive, despite uncertainties and supply chain constraints brought on by the recent and unfortunate geopolitical events. Aker Solutions is well positioned to capitalize on both near-term recovery and for the longer-term structural change in the energy markets.”
