A decline in profit of 29 million euros, so that earnings only just land in the plus, is not normally something that does not cause concern in a company. But for Cadeler, which realized a profit of 153,000 euros in the first half of 2024 against 30 million euros in the same period last year, the result is in line with expectations, and there is therefore no shaking at Cadeler.
- I am pleased to report that our results are once again in line with expectations, which shows our strategic focus on modernizing and expanding the fleet in line with increasing customer demand and project complexity. In an industry that is accustomed to delays and budget constraints, Cadeler has consistently achieved what we said we would achieve, says Mikkel Gleerup, CEO of Cadeler, in a press release.
The reason for the large decline in profit is to be found in a decrease in vessel utilization, which is due to three out of Cadeler's four operational vessels being under scheduled docking, crane upgrades and maintenance in the first quarter of 2024. In addition, an increase in the workforce and vessel depreciation have also affected the bottom line.
Cadeler has managed to create growth in revenue that was also in line with expectations for the first half of the year. Thus, it landed at 82 million euros, which is an increase of 14 million euros compared to the same period last year. The EBIDTA result is a profit of 22 million euros, a decrease of 20 million euros compared to last year.
Cadeler itself emphasizes that investments in the fleet, which include the addition of a new so-called P-class vessel, are helping to put the company in a good position in a market with high demand. This positioning also seems to be reflected in the order book. The order backlog is thus worth 1.925 billion euros, which is an increase of 566 million euros since 30 June 2023.
- The increasing demand in our market is reflected in our record-high order book. Securing additional financing and placing the official order for our third A-class vessel are significant milestones that I am very proud of, says Mikkel Gleerup.
Cadeler maintains its previous expectations for both revenue and EBITDA for 2024: Revenue is expected to be between 225 million and 245 million euros, while EBITDA is expected to be in the region of 105 million euros. to 125 million euros.
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