Strong finish for the year
Blom has finished the year 2006 with results exceeding the company`s own expectations. The combined sales turnover for the quarter was NOK 289 million, compared with NOK 137 million for the same quarter in 2005. The EBITDA was NOK 46million, compared with NOK 27 million for the corresponding period in 2005. The Board is satisfied with the development of both business areas.
The combined sales turnover for 2006 was NOK 835 million, with an EBITDA of NOK 159 million (margin 19.0%). The net profit was NOK 63 million. The company has shown strong growth due to inter alia major acquisitions, at the same time as the company`s other operations have also performed well in all areas. The combined increase in sales turnover was NOK 424 million, which corresponds to an increase of 103%. The company has thus more than met the expectations of the market for three years in a row.
Based on the solid development within the Offshore Technology and Geographic Information divisions, the Board decided to evaluate the opportunities for a demerger of the two business units on 23 January. The Board believes that, separately, the divisions will be able to establish and secure better growth opportunities. The two divisions also represent differentexposure, which influences the shareholders ability to properly value the potential represented by the company. The Board aims to distribute the demerger plan so that the General Meeting can make its decision in the middle of April. According to this schedule, the demerged company can be listed in June this year.
In Q4 the Offshore Technology division has had a substantial growth in contract awards from international customers for subsea cables and mooring system for large ocean depth. In addition to our agreement with Microsoft Corporation that
provides for distribution of our database through their sales network, we have also made several direct licence sales in the Geographic Information division through our own organisation. The expectations for the company`s database strategy will thus be maintained.
The report for Q4 2006 can be downloaded here