In the first quarter 2018 Hexagon Composites generated NOK 416.3 (346.2) million in operating income and made an operating profit before depreciation (EBITDA) of NOK 66.5 (35.1) million. Operating profit (EBIT) was NOK 47.3 (16.6) million and profit before tax came to NOK 31.3 (6.3) million.

Overall, Group operating profit has markedly improved versus the first quarter 2017. Operating results in the first quarter were impacted positively by strong sales volumes within Hexagon Mobile Pipelines and Hexagon Ragasco LPG. The EBITDA for the first quarter is the highest since the fourth quarter 2014 (excluding the exceptional gains recorded in fourth quarter 2016).

Key developments:

  • Joined the Hydrogen Council http://hydrogencouncil.com/
  • Expanded into the maritime industry with the first delivery of CNG TITAN® tanks for fuel storage onboard a LNG gas supply vessel
  • Executed the re-organization of the new reporting structure

After balance sheet date

  • Paid a dividend for 2017 of NOK 0.30 per share
  • New product launches within Agility Fuel Solutions ("Agility") include new large-capacity hydrogen storage systems for Heavy-Duty Trucks and one-stop-shop natural gas and propane integration solutions for Medium-Duty vehicles.
  • Agility announces a partnership with Romeo Power Technology to provide modular high-performance battery packs for electric and hybrid electric commercial vehicles.