Grontmij N.V., part of Sweco, Europe's leading architecture and engineering consultancy, has reported improved operating margin and stable revenues with the puiblication of its results for the third quarter of 2015.
The consultancy said that markets did not significantly change in the third quarter of 2015, with strong demand in the UK and Germany while the Dutch market remained weak.
Higher operating margins in Denmark and the UK contributed to Earnings before Interest, Taxes and Amortization (EBITA) which improved to € 7.1 million (Q3 2014: € 4.8 million) resulting in an margin of 4.5% (Q3 2014: 3.1%).
Performance in the UK continued to be strong in the third quarter of 2015, also helped by positive currency effects - total and net revenue showed organic growth of 9.6% and 9.2% respectively.
Profitability also improved further with EBITA margin up 7.9% (Q3 2014: 6.0%). The order book is also increasing, driven by strong performance in Building Services. In the UK, Grontmij, with its joint venture partner Mott MacDonald, has been awarded a range of transportation schemes by Highways England under its Collaborative Delivery Framework.
Sweco launched a successful takeover bid for the Grontmij Group earlier this year – Sweco now holds 97.4% of all Grontmij shares. Sweco will commence a statutory buy-out procedure for the remainder of the Grontmij shares not already owned by Sweco. Delisting of Grontmij is expected on 19 November 2015.
Michiel Jaski, CEO of Grontmij N.V. until 1 October 2015 commented:
'In the third quarter we have made important progress on the public offer and the preparations for the integration agenda which were both crucial to enable Grontmij and Sweco to join forces. Our clients, employees and shareholders have responded in a positive way to our announcement to become the leading engineering consultancy in Europe, allowing us to swiftly move forward.”
“ Today we publish our results for Q3 showing margin improvement and stable revenues, backed by solid performances in the UK, Denmark and Germany, while the Netherlands continued to feel pressure. The public offer has now provided Sweco with more than 97% of the Grontmij shares and we expect delisting of Grontmij from Euronext Amsterdam on 19 November 2015.'
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