NRE financial statements: we continue our strategy

NRE Group A/S has just released the financial statements for 2022/2023 and presents a profit of 28.1 million DKK.
 
The results for the financial year show a profit before tax of DKK 28.1 million, and at 30 April 2022, equity including minority interests amounts to DKK 116.6 million. The balance sheet of the Group is stated at DKK 368.4 million, and the equity ratio is 31.6%.
CEO and partner of NRE Group, Jacob Eiskjær Olesen, considers the result less than satisfactory, as the group has only partially fulfilled the expectations for the year.

"The situation in Ukraine, and the associated challenges in the supply chains, have led to price increases for a wide range of products and raw materials. In recent years, turnkey projects have had significantly lower margins than previously. At the same time, interest rate increases have created increased financing costs and uncertainty in the market. This uncertainty results in reluctance on the part of the larger investors due to failure to meet return requirements," says Jacob Eiskjær Olesen, and continues:

"The difficult market conditions also seems to continue in 2023/24. Despite falling inflation, interest rates are expected to continue to rise in the coming year. These conditions continue to create uncertainty in the industry, resulting in tighter financing conditions.”

Despite the market conditions, NRE feels well prepared for the coming years.

"We continue to have good activity in 2023/24 across Norway, Sweden and Denmark. We have made a long-term strategy based on solid and trust-based relationships with business partners, customers and employees. We will start construction on several major housing projects in both Norway and Sweden in the autumn of 2023, and agreements have been made, on projects that will positively affect the results of the coming years," says Jacob Eiskjær Olesen.