DOVRE GROUP TRADING STATEMENT JANUARY 1 – SEPTEMBER 30, 2020

Dovre Group Plc                       Stock exchange release             October 27, 2020 at 8.45 a.m.

DOVRE GROUP TRADING STATEMENT JANUARY 1 – SEPTEMBER 30, 2020

Dovre’s net sales January to September totaled EUR 59.7 (59.8) million and operating result was EUR 1.8 (2.0) million, Q3 net sales totaled to EUR 16.5 (21.6) million and operating result was EUR 0.6 (1.5) million.

Dovre Group Plc issues today a trading statement for the nine months ended on September 30, 2020. The figures presented in this trading statement are not audited. Last year’s corresponding period in parentheses.

July–September 2020

• Net sales EUR 16.5 (21.6) million – decrease 23.7% following the temporary slowdown in demand caused by the coronavirus pandemic and the adverse impacts of currency exchange rates.
  • Project Personnel: net sales EUR 13.4 (20.3) million – decrease 33.6%.
  • Consulting: net sales EUR 3.1 (1.4) million – increase 121.6%.
• Operating result EUR 0.6 (1.5) million – decrease 59.0%. In the comparison period operating result included a non-recurring gain of EUR 0.8 million from the sale of Kuukoti office premises.

January–September 2020

• Net sales EUR 59.7 (59.8) million – decrease 0.3%. Net sales at constant currencies increased by 6.7% year-on-year.
  • Project Personnel: net sales EUR 48.9 (55.4) million – decrease 11.8%.
  • Consulting: net sales EUR 10.8 (4.4) million – increase 145.1%.
• Operating result EUR 1.8 (2.0) million – decrease 13%. Operating result increased by 50%, if the non-recurring gain of EUR 0.8 million from the sale of Kuukoti office premises in the comparison period is excluded.
• Net cash flow from operating activities EUR 2.0 (2.2) million.

Outlook for 2020 unchanged (issued on 28 April 2020):

The impact of the pandemic, oil price and currencies on Dovre's operations and business environment will depend on the duration and extent of the crisis. Based on the current situation, Dovre’s net sales are expected to be slightly below 2019 and the operating profit is expected to be in line with 2019 excluding non-recurring items and currency effects.

Due to the company's healthy balance sheet and sound business, we still consider Dovre's long-term growth opportunities and prospects to be good.

ARVE JENSEN, CEO: