MT Højgaard Holding: FY’22 guidance reiterated - ABG

Q1 shows continued growth and improved EBIT margin
Order intake of ~DKK 2bn in Q1, no cancelled orders…
…and a diversified order backlog, provides comfort

Continued strategic progress in Q1
Q1 saw revenues of DKK 1,888m (-8% vs. ABGSCe at DKK 2,063m), gross profit of DKK 127m (-28% vs. ABGSCe at DKK 177m), EBIT (b.s.i) of DKK 31m (-54% vs. ABGSCe at DKK 68m) and order intake of DKK 1,923m (-7% vs. ABGSCe at DKK 2,063m). This shows continued financial improvement y-o-y. The quarter furthermore showed steady progress for the current projects.

Total order backlog now stands at a healthy DKK 10.8bn
With a total of DKK 1,923m in new orders in Q1 (no major orders), we find comfort in the fact that the company now has a total backlog worth DKK 10,787m, which consists of a highly diversified portfolio of projects, diversifying the underlying risk associated with the ongoing volatile macro environment. We furthermore note that, despite this environment, MTHH has yet to see any cancelled orders.

Reiterated guidance, even in a volatile macro environment
Based on the progress seen in Q1, continued strong order intake and the order backlog, the company reiterates its FY’22 guidance of revenues at DKK 8.0-8.2bn (ABGSCe DKK 8.094) and EBIT (b.s.i) of DKK 250-275m (ABGSCe DKK 256m), while noting that the uncertainty, related to negative prices and supply issues, is still be present.
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