The international consultancy group COWI A/S has emerged from the first half of 2006 with an operating profit of DKK 86 million – a 48% increase on the 2005 figure of DKK 58 million. The profit is based on turnover of DKK 1,411 million – up 9% on last year. Pre-tax profit rose 24% from DKK 72 million to DKK 89 million and profit for the period rose from DKK 62 million to DKK 63 million. Our operating margin rose from 4.5 % to 6.1%.
"The H1 2006 results are good," says Klaus H. Ostenfeld, President and CEO of COWI. He adds that for COWI this has been a period of increased turnover and earnings in Denmark, Norway and most international markets.
”Our order book is sound; indeed, it is in even better shape than at the same stage last year.” He continues: “We anticipate a sustained healthy level of demand for consultancy services in all our key markets for the remainder of 2006." Denmark has seen healthy growth in buildings, the environment, civil engineering works, industry and oil and gas sectors. Norway’s consultancy market has in general been characterised by a high level of activity.
At a wider international level growth has been most pronounced in the consultancy markets in the Arabian Gulf and in Central and Eastern Europe. In the Arabian Gulf demand has risen for specialist consultancy services within port, marine, integrated bridge and road projects, and oil and gas projects with associated marine terminals. COWI has experienced exceptional growth in the airport sector, with projects including two airport complexes in Oman. COWI’s expectations for the full-year 2006 are for growth in turnover, improved profitability and a higher operating margin. At the end of H1 2006 COWI had 3,498 employees, 211 more than the preceding year. More than 60% of COWI’s turnover is generated outside Denmark. John Jørgensen, jhj@cowi.com Published: 31.08.2006