Fine COWI performance: DKK 137m before tax 

• Net turnover increased from DKK 2,594m to DKK 2,676m, up 3%
• Operating profit grew from DKK 91m to DKK 117m, up 29%
• Profit before tax rose from DKK 97m to DKK 137m, up 41%
• Operating margin went up from 3.5% to 4.4%
• Profit for the period increased from DKK 61m to DKK 113m, up 86%

Satisfactory performance

"We consider the performance to be satisfactory", says Klaus H. Ostenfeld, President and CEO of the COWI Group.

Earnings growth

COWI experienced increasing earnings in the Norwegian market. In Denmark, growth was particularly achieved within the business area of Economics and Management. In the international markets, earnings went up particularly within Economics and Management as well as Bridges and Marine Structures.

The domestic market saw increased activities within Residential and Commercial Buildings. International activities increased in the primary markets in Northern Europe, the Arab Gulf and China – particularly within Nature and Environment as well as Transport and Buildings.

Furthermore, together with reduced costs for business support, positive value adjustments relating to foreign exchange and securities contributed to the improved performance.

The Group's own production, i.e. the selling price of the activities performed by the Group’s employees, showed growth of 5.9%.

64% of COWI's turnover stems from our non-domestic markets.

Continued growth

For 2006, COWI expects handsome organic growth in turnover and continued improvement of profitability. COWI's long-term target is an operating margin of 5-6%.

"We will continue to strengthen our position with start-ups, partnering collaboration and initiatives in Scandinavia, Central and Eastern Europe, the Middle East, and China", says Klaus H. Ostenfeld.

At the end of 2005, the COWI Group has 3,322 employees compared with 3,294 the previous year.

See key figures

By: John Jørgensen, jhj@cowi.dk
Published: 28.02.2006