Nexans reported a drop in EBITDA from its high voltage and projects operation to €52m in the first half of 2021, down from €60m in the same period last year.
The 14.2% decrease reflected the absence of three repair contracts in first half 2021, the company said.
Excluding these three contracts, the growth would have been close to +30%, Nexans said.
High voltage and projects standard sales stood at €346m in the first half of 2021, down -11.8% year-on-year, in line with project phasing and unfavourable comparative in first half 2020 which had benefitted from three repair contracts.
The company said it expects sales to accelerate progressively throughout the second half, reflecting project phasing, delivery of the state-of-the-art Nexans Aurora cable laying vessel and completion of the Charleston plant in the US.
Subsea high-voltage was down -15.6% in the first half 2021, impacted by a strong base effect.
Progress was made on project execution, notably on interconnector projects NSL, Crete-Attica, and Lavrion-Syros as well as offshore wind farm projects such as Seagreen and Dolwin6.
Adjusted Subsea 7 backlog was at €1.4bn at the end of June with high visibility and fully loaded Halden plant in 2021.
H1 2021 saw Nexans sign of a preferred supplier agreement by Empire Wind to electrify the future of New York state by connecting the Empire offshore wind farms to the onshore grid.
In parallel, Nexans Aurora vessel construction was completed early June, while Charleston US plant conversion is on track for completion in the third quarter.
This is despite logistical constraints due to Covid-19 travel restrictions and material supply delays.
Both investments will support the performance acceleration expected in the second half.