Oil hurts Ramboll as 2015 revenue up 28% to $1.5bn
The consultancy, which is working on a district cooling project in Mecca, said its oil and gas business unit was impacted by "the dramatic drop in oil prices" last year
Danish engineering, design, and consultancy firm, Ramboll Group, said its revenue increased by 28% in 2015 despite difficult market conditions.
The company’s revenue increased 24.5% in local currencies from $1.2bn (DKK8.2bn) in 2014, to $1.56bn (DKK10.5bn) in 2015.
Organic growth last year hit 1.5%, and excluding the group’s oil and gas business, was marked at 4.5%.
The company acquired US consultancy Environ last year.
Ramboll also confirmed it is working on a district cooling project in Mecca, Saudi Arabia.
The consultancy’s 2015 EBITA was $71m (DKK475m) last year, compared to $61.7m (DKK413m) in 2014.
This 0.5% drop in EBITA is due to the “significantly lower performance” of Ramboll’s oil and gas units, as well as “write-downs on a few large buildings projects” across the company’s global operations.
Remarking on the results, Ramboll CEO, Jens-Peter Saul, said: “2015 has been a challenging year with a disappointing profit margin, mainly due to the impact of the dramatic drop in oil prices on our oil and gas business and related markets, and project write-downs.
“Consequently, the performance has been mixed across our markets with solid performance in most of our Nordic business units, but less satisfactory results in some of our business units outside the Nordic region.
“When considering the very tough market conditions, the EBITA-result for 2015 is acceptable due to the improvements in our underlying business and the good performance in key markets”, Saul added.