Interim Management Report first half year 2023/24
February 20 2024 - 8:25AM
UK Regulatory
Interim Management Report first half year 2023/24
Interim Management Report covering H1
2023/24
The Board of Directors of Rovsing A/S has today
approved the Interim Management Report for the first half-year (1
July 2023 – 31 December 2023) of the financial year 2023/24.
H1 highlights
- In the first half year of the
financial year 2023/24, the revenue amounted to DKK 17,9 million
(H1 2022/23: DKK 13,4 million) or an increase of 33,6% (DKK 4,5
million).
- EBITDA amounted to DKK 1,2 million
(H1 2022/23: DKK 0,5 million) or an increase of DKK 0,7
million.
- The order backlog at 31 December
2023 remains at a high level of DKK 54,5 million (H1 2022/23 DKK
43,9 million), with an order intake in H1 of 2023/24 of DKK 4,9
million (H1 2022/23 DKK 24,9 million). The current order backlog is
diverse, ranging across several different missions and customers in
both institutional and commercial space. A higher number of
parallel projects provides a positive operational outlook and
robustness against external factors moving forward.
- In order to realise the backlog,
Rovsing has been expanding the organization with additional
resources and will continue upscale as needed to meet
expectations.
- Rovsing has succeeded to improve
its capital structure and lower its debt. In December 2023, the
Company repaid in full existing bond loans of DKK 4,2 million and
in January 2024 the Company announced (announcement 358) that a
successful share issue was completed resulting in proceeds of DKK
3,0 million and later in January (announcement 359) the Company
announced that a bond loan of DKK 2,2 million was secured whereby
the refinancing was completed.
- In February 2024 (announcement 364)
the Company announced that a new Board of Directors had been
appointed with former Chairman Michael Hove and board member Jakob
Færch Bendtsen stepping down, giving room to new competencies and
experience to help strengthen the strategy, performance and
communication of Rovsing’s continued journey. The new board members
elected are Kim Brangstrup, Jean Marcel Dühring, Michael Lumholt
and Carsten Jørgensen while Ulrich Beck continues and takes on the
role of Chairman.
- Our team has supported a wide range
of customers during H1 2023/24, delivering test- and simulation
systems, individual products, software solutions, ISVV and on-site
engineering services for customers such as Airbus DS, Thales Alenia
Space, Astroscale, EUMETSAT and Jena-Optronik in support of
missions such as Mars Sample Return, ELSA-M, FLEX, CRISTAL, LSTM
and ARIEL.
- Rovsing´s current onsite service
business in CSG Kourou ended ultimo 2023. The Company has decided
to adjust the capacity, transferring some employees with the aim of
closing down the previous activities. Therefore, the Company sees a
one-time effect which negatively impacts our revenue and EBITDA for
the second half of the financial year.
- Based on the above, the revenue
outlook for 2023/24 is adjusted from the range of DKK 37,0 to 41,0
million to be in the range of DKK 36,0 to 39,0 million, with a
positive EBITDA adjusted from the range of DKK 3,5 to 4,5 million
to the range of DKK 2,0 to 4,0 million.
Further information:
Hjalti Pall Thorvardarson, CEO. Tel. +45 53 39
18 88. Email: hpt@rovsing.dk
- Announcement365_Interim_Management_Report_H1_2023-24_final
- ROVSING Half-Year Report 2023-24_final
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