Second quarter earnings before interest, tax, depreciation and amortisation (EBITDA) at Dutch fabricator Sif more than doubled to €8.6m, up from €4m in the year-ago period, according to new results.
The Rotterdam-based company said the three-month result for this year was in line with expectations and a “reflection of the ramp up in our organisation and increase in workforce” to handle production.
Steel work on mainly offshore wind projects totalled 52Kton during the quarter, up from 29Kton in the same period in 2018.
The start of manufacturing on monopiles for the Seamade project off Belgium and Triton Knoll off east England contributed to the uptick in fortunes, the company said.
EBITDA for the half-year was, however, down to €12.7m, down from €14m in the same period in 2018, despite an increase in revenues to €170m, up from €146m.
This was largely due to a “poor” first quarter result.
Chief executive Fred van Beers said the future for the company, including for the rest of 2019, is bright on the back of several new orders.
“Consultants have boosted their expectations for new projects and we actually see an increased demand for future years. In due time we should be able to return to the production and contribution levels we saw in 2016- 2017,” he said.