Brief: MT Højgaard Holding Q3 EBIT Swings To Profit DKK 28 Mln

MT Hoejgaard Holding A/S

13/11/2019 13:46

Nov 13 (Reuters) - MT Hoejgaard Holding A/S  MTHH.CO :
    * REG-MT HØJGAARD HOLDING A/S: CONTINUED IMPROVEMENT IN
EARNINGS
IN THE MT HØJGAARD GROUP IN THE THIRD QUARTER OF 2019
    * Q3 REVENUE WAS DKK 1,652 MILLION COMPARED WITH DKK 1,583
MILLION
IN Q3 OF 2018
    * THIRD-QUARTER EBIT WAS DKK 28 MILLION COMPARED WITH A LOSS
OF
DKK 459 MILLION IN Q3 OF 2018
    * Q3 ORDER INTAKE WAS DKK 2.0 BILLION, COMPARED WITH DKK 1.4
BILLION IN SAME PERIOD LAST YEAR
    * THIRD-QUARTER CASH FLOWS WERE AFFECTED BY MONTH-END
ACCRUALS AND
CONSEQUENTLY WERE AN OUTFLOW OF DKK 69 MILLION COMPARED WITH AN
INFLOW OF DKK 116 MILLION IN SAME PERIOD IN 2018
    * RESULTS CONFIRM EXPECTATIONS THAT 2019 WILL BE A TURNING
POINT
IN TERMS OF EARNINGS
    * OUTLOOK IS UNCHANGED
    * 130-140 SALARIED JOBS MAINLY IN STAFF AND SUPPORT
FUNCTIONS WILL
BE CUT AND COSTS WILL BE REDUCED BY APPROX. 130-150 MILLION PER
YEAR WITH FULL EFFECT IN 2021
    * COST REDUCTIONS WILL BE ACHIEVED THROUGH APPROX. DKK
90-110
MILLION REDUCTION IN PAYROLL COSTS AND APPROX. DKK 40 MILLION
THROUGH OTHER COST REDUCTIONS
    * ORGANISATIONAL CHANGES WILL RESULT IN RESTRUCTURING COST
RELATED
TO REVITALISATION PLAN IN MT HØJGAARD A/S OF ESTIMATED DKK 35
MILLION IN 4TH QUARTER.

Source text for Eikon:  ID:nGNE3n35Zr 
Further company coverage:  MTHH.CO 

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