Viafin Service

Nov 7, 2022

November 6, 2022 Industrial maintenance company Viafin Service made an ebita operating profit of 1.2 million euros on a turnover of 23.5 million euros in the third quarter of the year. Ebita operating profit does not include goodwill amortization. A year ago, the ebita operating profit for July–September was 0.9 million euros and the turnover was 15.0 million euros. Turnover thus increased by 56.6 percent. Analysis company Inderes expected an ebita operating profit of 1.6 million euros from the company on a turnover of 19.4 million euros. EBITDA rose to 1.5 million euros in July–September from 1.1 million euros in the comparison period. “Several maintenance shutdowns were scheduled for the review period, and the demand for both maintenance and project services was at a very high level overall. However, we are not satisfied with the development of the profitability of the maintenance business, and we will invest both in the profitability of these services and in improving the relative profitability of the company. In terms of project business, the projects progressed as planned”, CEO Mika Riekkola says in the announcement. The moderate profitability was still affected by the costs of setting up new units, which the company expects to continue until the end of 2022. Instructions unchanged The company will keep its guidance for the financial year 2022 unchanged. Viafin estimates that the turnover will increase compared to the previous financial year, and the operating profit for the entire financial year without goodwill amortization will increase compared to the previous financial year. The company will publish new strategic goals during the last quarter of the year. The market mood in the third quarter has been affected by the weakening of the general economic outlook and strongly accelerated inflation, as well as the situation in the energy industry. “The effects of these on our business have so far been limited. Some of our customers in the gas sector have delayed their small investments, but on the other hand, the rise in energy prices has triggered investments related to energy saving and alternative energy sources in other industries. The commissioning project for the Hamina LNG terminal, which we told about earlier, was completed during the review period,” says Riekkola. Overall, the market outlook for the rest of the year is stable. Some of the maintenance downtime is scheduled for the last quarter of the year and partly supports the business. “There is significant uncertainty in the outlook for next year due to the factors mentioned above. According to our current view, the first half of the project business in 2023 will be clearly calmer than the current year.” Uncertainty has also increased regarding the maintenance business.