NTG|Nordic Transport Group FY 2022 annual results
NTG reported its best annual result FY 2022 following strong momentum in the transport sector. FY 2022 NTG realised results slightly over the top end of its latest guidance, with revenues of DKKbn 10.2 (FY 21 DKKbn 7.3), Adj EBIT of DKKm 758 (FY 21 DKKm 542), and a net income of DKKm 535 (FY 21 DKKm 385).
The result was mostly expected following NTG’s announcement in December 2022 to say it expected to land at the top end of its previously stated guidance intervals for Revenue of DKKbn 9.7-10.2 and an adjusted EBIT of DKKm 700-750. Consensus analyst estimates from Refinitiv were for revenues of DKKbn 10.32, while no estimate for adjusted EBIT available. We see that NTG slightly beat its own guidance while falling slightly short of analyst consensus revenue estimates.
The result in 2022 was a record result for NTG, with 16% of the 40% revenue growth being organic and the remainder driven by the acquisition and integration of Aires Logistics. The result was supported by strong, but volatile transportation market conditions during 2022, particularly as supply chain inefficiencies and strong demand drove market rates higher.
For 2023 NTG expects the markets to step down in gear compared to 2022, as supply chain inefficiencies have improved and as the global demand outlook may weaken as higher interest rates globally take effect. FY 2023, NTG targets EBIT of DKKm 620-700. The guidance suggests an EBIT decline of -18% to -8%, signaling dampened expectations which match the industry’s outlook, with DSV also guiding for reduced EBIT in 2023. (DSV guides for an EBIT of DKKbn 16-18 against DKKbn 25.2 in 2022). NTG will not guide on revenue for 2023.
In 2023 NTG expects low-single-digit declines in Road & Logistics volumes year-on-year and single-digit declines in Air & Ocean volumes; however, it also seeks market growth driven through a variety of initiatives across both Road & Logistics and Air & Ocean.
You can hear more about NTG’s performance in 2022 and what we should expect in 2023 when we host CFO Christian Jakobsen at a virtual presentation of the annual report event, which takes place on Monday, 13 March, at 11 a.m.
Disclaimer HC Andersen Capital receives payment from NTG for a DigitalIR/Corporate visibility subscription agreement/ Philip Coombes 19:47 08.03.2023
NTG Nordic Transport Group
NTG Nordic Transport Group är verksamt inom transport- och logistikbranschen. Bolaget erbjuder ett brett utbud av tjänster, inklusive transport med lastbil, flyg och via expressleveranser. Utöver huvudverksamheten erbjuds även möjligheten till lagerhållning. Störst verksamhet återfinns inom den skandinaviska marknaden, med huvudkontoret beläget i Hvidovre.
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