Apr 02, 2020

NRC Group ASA – Annual Report 2019 and update on coronavirus impact

NRC Group ASA (“NRC” or the "Company") has today published its Annual Report for 2019. The Annual Report is attached hereto and will also be made available in the investor section on this website.

In the final accounts for 2019, there is a deviation from the fourth-quarter and preliminary full-year 2019 report relating to the final settlement of a dispute from 2015 decided by an arbitration court. The arbitration ruling was received after the release of the preliminary figures. As a result of additional expenses incurred due to the ruling, the 2019 operating profit was reduced by NOK 14 million and the net profit for the year by NOK 11 million.

In the Annual Report NRC comments on the Covid-19 coronavirus outbreak. The Company today adds that NRC continuously monitors the development of the pandemic caused by the virus and its potential effect on the industry and NRC’s business.

NRC’s ambition is to keep its business and projects operational with as little disturbance as possible, while fully complying with the restrictions and recommendations from the authorities. NRC’s main concern is to safeguard its employees, and the Company follows local public guidelines issued including remote work, social distancing, travel and stricter sanitation standards.

Part of NRC’s activities are related to keeping the railway infrastructure operational through maintenance and upgrades of existing infrastructure. These operations are defined as critical to the society, and NRC will prioritise these activities in case of situations where certain resources become scarce.  

Currently, the majority of NRC’s projects remain fully operational and the Covid-19 impact is considered limited. However, it is likely that operations will be affected should the outbreak intensify, and measures escalate. Operations also depend on customers continuing to announce and award tenders as scheduled to enable efficient planning and execution of projects during the 2020 construction season.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Henning Olsen

Henning Olsen


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