Multiconsult ASA (OSE: MULTI) Multiconsult ended the year with a good quarter.
The performance was influenced by high activity, increased capacity through
organic growth, and overall good operational performance throughout the year.
Net operating revenues grew by 20.8 per cent to NOK 1 361.5 million in the
quarter, and by 14.6 per cent to NOK 4 802.5 million for the year. The robust
organic revenue growth observed has continued and came in at 16.1 per cent for
the quarter. EBITA for the full year came in at NOK 419.5 million (408.5), while
EBITA adjusted for one-offs was NOK 446.2 million, a 9.3 per cent margin.
Multiconsult's fourth quarter EBITA adjusted for one-offs amounted to NOK 145.1
million, reflecting a margin of 10.7 per cent.

The result for the fourth quarter was impacted positively by a higher billing
ratio, higher average billing rates and improved project execution. One-offs
related to the announced share ownership programme and restructuring cost had a
negative impact on the results. As a result of successful onboarding and
training of new hires, the billing ratio came in at 71.8 per cent, 1.5pp higher
than the comparable quarter last year. Order intake during the year was NOK 6
926 million and NOK 1 431 million in the fourth quarter, resulting in a
diversified and strong order backlog going into 2024.

The board of directors proposes a dividend of NOK 8.00 per share to be paid as
ordinary dividend for 2023.

FOURTH QUARTER 2023

  · Good overall performance with improved earnings and strong growth
  · Net operating revenues increased to NOK 1 361.5 million (1 126.7)
    · The organic revenue growth for the quarter was 16.1 per cent

  · EBITA of NOK 118.4 million (96.8), equal to an EBITA margin of 8.7 per cent
(8.6)
  · EBITA adjusted for one-offs was NOK 145.1 million (96.8), equal to an EBITA
margin 10.7 per cent (8.6)
    · Adjusted for one-offs related to share ownership programme and
restructuring cost

  · Other operating expenses of NOK 164.7 million (147.2)
    · Other opex ratio (ex. IFRS 16) of 15.9 per cent (17.2)

  · Strong order intake of NOK 1 431 million (1 559)
  · Billing ratio of 71.8 per cent (70.3), up 1.5pp
  · Full-time equivalents (FTE) increased by 11.5 per cent, to 3 523 (3 161)
  · Increased M&A activity, four strategic acquisitions announced since last
quarter
  · Despite the persisting levelling off in the market announced last quarter,
the overall market outlook has slightly improved compared to previous quarter


FULL YEAR DATE 2023

  · Net operating revenues of NOK 4 802.5 million (4 189.2)
    · The organic revenue growth for the period was 12.1 per cent

  · EBITA of NOK 419.5 million (408.5), equal to an EBITA margin of 8.7 per cent
(9.8)
  · EBITA adjusted for one-offs was NOK 446.2 million (408.5), equal to an EBITA
margin of 9.3 per cent (9.8)
    · Adjusted for one-offs related to share ownership programme and
restructuring cost

  · Order intake at a high level of NOK 6 926 million (5 195)
  · High order backlog of NOK 4 883 million (3 608)
  · Other operating expenses of NOK 592.6 million (528.1)
    · Other opex ratio (ex. IFRS 16) of 16.5 per cent (17.0)

  · Full-time equivalents (FTE) increased by 8.1 per cent, to 3 388 (3 134)
  · Net profit of NOK 316.6 million (303.0)
  · Earnings per share NOK 11.56 (11.06)
  · Proposed dividend of NOK 8.00 per share as ordinary dividend


CO-OWNERSHIP AMONG EMPLOYEES
In 2015 Multiconsult ASA introduced a share purchase programme for employees. In
connection with this, and over time, the company holds variable position of
treasury shares. For the year 2023, the programme was replaced by an employee
ownership programme. This programme consists of two parts: (i) Share purchase
programme and (ii) Share ownership programme. The share ownership programme was
successfully launched in the quarter and over 80 per cent of employees are now
owners. The annual share purchase programme was concluded with record high
participation of 47 per cent.


EXTRACT OF COMMENTS FROM CEO, GRETHE BERGLY:
Multiconsult ended 2023 with a good fourth quarter. The quarter was influenced
by high activity, solid order intake, increased capacity, and overall good
operational performance. The robust organic growth observed throughout the year,
continued in the last quarter. There was increased M&A activity, both in Norway
and Sweden in the quarter. We are pleased to see that our efforts to encourage
increased co-ownership among employees has been successful and almost 50 per
cent of our employees participated in this year's share purchase program.

Reflecting on the accomplishments over the past year, I am filled with pride and
gratitude for the dedication and hard work contributed by each and every one of
our employees. Our collective journey has led to remarkable achievements towards
our shared goals. At the core of our success lies a culture of putting our
employees and customers first. I am continually inspired by the collective
efforts, from senior staff who warmly welcome new colleagues to the innovative
thinkers who drive our projects forward. The successful training and onboarding
of new hires during the autumn has notably contributed to an increased billing
ratio of 71.8 per cent in fourth quarter. It is through hard work and dedication
from the whole team that we consistently meet expectations and deliver
exceptional projects for our clients. We gain increased trust and win new
exciting projects