Caverion Oyj: Result Improved, Growth Pursued Through Acquisitions
Building and facility services company Caverion Oyj achieved its result targets for the fourth quarter of 2019 and turned its growth trajectory. The group's revenue increased to EUR 589 million.
Building and facility services company Caverion Oyj achieved its result targets for the fourth quarter of 2019 and began to reverse its growth trend, the company announced on Friday.
Fourth-quarter revenue stood at EUR 589.0 million, a 0.2 percent increase from the previous year's EUR 587.6 million. Adjusted EBITDA rose to EUR 47.0 million from EUR 11.0 million in the prior year, continuing the positive improvement trend observed in the third quarter.
For the full year 2019, revenue was EUR 2,123.2 million, a 3.7 percent decrease year-on-year. However, full-year adjusted EBITDA reached EUR 120.4 million, a 125.5 percent increase from the previous year.
Caverion's order backlog grew by 11.8 percent over the year to EUR 1,670.5 million. The Services business revenue increased by 5.1 percent for the year, accounting for 60.0 percent of the group's total revenue, while the Projects business revenue declined.
The company completed several acquisitions late in the year, including Maintpartner and Huurre, which support its growth strategy. The Board of Directors proposed a dividend of EUR 0.08 per share.