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Danish service company loses millions after hectic year

Weak oil market and wind projects that went awry have contributed to a decline at ATP's service company over the past fiscal year, which has seen four CEOs go through the cmpany. But business is headed back up, confirms the current chief executive.

Photo: ALLNRG

Danish service company All NRG suffered setbacks across the board in the fiscal year 2016/2017. The company, owned by Danish pension fund ATP, supplies services in assembly, contracting, and engineering to the oil and gas industry as well as the wind industry. Revenue declined 13 percent in the fiscal year down to DKK 492 million (EUR 66 million), while the result landed at a deficit of DKK 27.8 million, relative to a profit of DKK 7.6 million in the previous year.

"Of course, we're not pleased with this," acknowledges All NRG CEO Hans Schneider, who cites one-off expenses and goodwill impairments as the main explanations behind the negative result.

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