Cabling company NKT reported operational earnings substantially down in 2019 on the previous year, mainly due to a reduced level of activity in its solutions business.
Operational EBITDA was €15.1m last year, falling from €70.2m in 2018, while revenue dropped to €945.0m from over €1.08bn in the previous year.
NKT chief executive Alexander Kara said the result was in line with expectations but he described the earnings as at a “too low level”.
High voltage orders booked in 2019 stood at €750m, raising the company’s order backlog to an all time high of €1.37bn.
Kara said: “This is important for improving profitability in the years ahead, where NKT is well positioned to be a key player in the global transition towards renewable energy.”
In November 2019, NKT announced its largest ever XLPE power cables order worth €360m as the main contractor for the delivery and installation of 320kV DC on- and offshore export cable systems for the Dogger Bank Creyke Beck A and B offshore wind farms in the UK.
In 2020, NKT expects revenue in the range of €1.0 to €1.1bn and operational EBITDA between €40m and €60m.