The Danish shipping company Cadeler, which specializes in the installation of offshore wind farms, has presented its half-year financial statements, showing growth that meets the company's expectations.
Revenue for the period amounted to 43 million euros, which is an increase of 33 percent compared to the same period last year. EBITDA for the period is 23 million euros, which is an increase of 7 million euros compared to the first half of 2021, the company said in a press release.
- In the first half of 2022, we delivered results in line with our expectations and took significant steps towards cementing our leading position in the rapidly growing market for offshore wind installations. We have achieved significant growth in revenue compared to 2021, thanks to very efficient operations and higher rates, says Mikkel Gleerup, CEO of Cadeler.
Lowering expectations for annual results
Despite the good tone, expectations for the annual accounts are being lowered slightly. Revenue is thus expected to be between 96-106 million euros (compared to previously 96-110 million euros), while expectations for EBITDA are now expected to be in the range of 56-65 million euros (compared to previously 56-70 million euros). However, Mikkel Gleerup is not worried.
- We have clarified our expectations due to external delays in projects, which means that parts of the revenue are being shifted to 2023. Our own deliveries have fully met or even exceeded our contractual obligations. Therefore, our total turnover on the ongoing projects will exceed the original contract values, he says.
The director also has something to be positive about in his expectations for the future. The company's fleet is therefore in demand, and the capacity is fully booked until 2026. The order backlog currently amounts to 547 million euros.
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
