• Total Revenue € 185 million (2009: € 208 million)
• No contribution of divestments of EAI (2009: € 5.2 million)
• Underlying EBITA € 8 million (2009: € 10 million)
• EBITA margin at 4.3% (2009: 4.8%)
• Profit after tax € 3.7 million (2009: € 3.7 million plus profit on divestment € 5.2 million)
• New cross border business line strategy rolled out
• Group credit facilities re-financed for growth, and implementation of cross border cash pooling
• Early signs of stabilisation markets: forward order book improvement
• Progress with divestments of non-core assets
  
  

 
































Sylvo Thijsen, CEO Grontmij N.V.: “The lower production in the first quarter of 2010 was as expected, after market demand weakened as announced in the third quarter of 2009. In addition, the unusual long winter had a negative effect on the productivity. Moreover there was no comparable profit from divestments which significantly boosted the net result in the first quarter of 2009.

We made good progress with the new business line strategy in operation and the implementation of new funding both to support future growth. Demand for Transportation & Mobility remained strong in all regions, and there were early signs of some stabilisation in the Planning & Design and Water & Energy markets. Compared with the start of 2010, the forward looking order book has improved in the last month.

The Benelux region showed a small improvement on 2009, while there was a slow start in the Nordic region due to a significant decline in construction output in Denmark in particular. Despite considerable project wins, the regulated water market in the UK remained slow in advance of the start of the new asset management cycle (AMP5).

Our strategy for 2010 – 2015 and the new introduced business lines structure were well received by our stakeholders and continues to be rolled out in our organisation. Top management to lead the three business lines in all regions have been appointed whereby the cooperation in each business line in Europe is further strengthened.

The actions that we have taken in 2009 and continue to take in 2010 will ensure that we re-position the Group to grow in markets and regions in Europe where demand for our services can be sustained and can be expanded. The repositioning and the cost reduction programme as announced in the third quarter of 2009 are on schedule. In the second half of 2010 we expect to see the first results. We also had some progress with divestments of non core assets in April (cash in € 7 million).”

Download the full press release:

• Press release: Grontmij First Quarter 2010 trading update (PDF)