The company is set for continued stability in the coming quarters. Credit: Cik Bak via Shutterstock.

Multiconsult, a Norwegian company in engineering, architecture, and design consulting, has reported earnings before interest, taxes, and amortisation (EBITA) of Nkr102.9m ($9.3m) in the third quarter (Q3) of 2024, marking a significant rise from the previous year’s Nkr29.2m and resulting in an EBITA margin of 9.0%.

This growth is attributed to a higher billing ratio of 71.2% and a 17.5% increase in net operating revenues, which amounted to Nkr1.14bn.

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In Q3, Multiconsult experienced organic revenue growth of 15.9%, adjusted for calendar effects. However, the presence of one additional working day compared to the same period last year had an estimated negative impact of Nkr6.1m on both net operating revenues and EBITA.

During the quarter, Multiconsult reached a settlement in a contractual dispute with a client, which resulted in a one-time payment of Nkr31.2m. This settlement has been factored into the group’s reported results. Excluding one-off items, adjusted EBITA stood at Nkr71.7m, with a margin of 6.4%.

Despite a slight decrease in order intake from Nkr1.34bn to Nkr1.27bn, the order backlog remained at Nkr4.83bn. Full-time equivalents within the company have increased by 2.1%, now totalling 3,541.

For the year to date, Multiconsult’s net operating revenues grew by 14.5% to Nkr3.94bn, with organic revenue growth adjusted for calendar effects at 12.2%. The year-to-date EBITA is Nkr425.4m, equating to an EBITA margin of 10.8%. After adjusting for one-off items, the EBITA margin stands at 10.1%.

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The overall market outlook for Multiconsult remains positive and stable, with expectations of continued demand in key service areas such as defence, infrastructure, and sustainability projects.

While the overarching competitive landscape and investment levels present some uncertainty, the company’s pipeline appears favourable for sustained stability and performance.

Multiconsult CEO Grethe Bergly said: “Multiconsult delivered a very strong quarter, continuing the positive momentum. A continued high billing ratio throughout this quarter attests to the elevated activity levels across the organisation and in all business areas. We continue to achieve impressive results driven by robust operational performance and high activity levels in many of our large projects.

“Three years into the strategy period, we have seen significant changes in our surroundings and macroeconomic situation, which have also impacted our client base. In light of this, we have updated our strategy, and this will be presented in the Capital Markets Day presentation following the presentation of the third-quarter results.”