NKT, the power cables business, has delivered improved revenue and earnings in Q3 2020 in all of its business lines.
The cable division generated revenue of some €300 million, against €232 million same time last year.
Year-to-date revenues stood at €1.05 billion, versus €926 million for the first nine months in 2019.
NKT expects 2020 revenue to be around €1.1 billion, with operational EBITDA in the upper end of approximately €40–60 million.
In addition, the company’s Photonics division generated close to €17 million, in line with last year’s results.
Overall, NKT revenue came close to €317 million in Q3 2020, against €249 million in 2019.
In Q3 2020, NKT won high-voltage projects that will contribute to the ongoing European transition towards increased renewables energy generation.
The two largest awards were the power link between Shetland and mainland Scotland, with a contract value of approximately €235 million, and the offshore wind power connection in northern Germany, BorWin5, with a value of below €250 million.
NKT Group EBITDA more than doubled to €22.4 million from €10.8 million in Q3 2019. This was a continuation of the previous quarters’ improved performance in the power cables business.
For the quarter eneded 30 September, NKT narrowed its losses recognising €6.3 million loss, compared to €21 million in Q3 2019.
For the first nine months of 2020, the company also narrowed its loss at €11.2 million from €58.3 million in 2019.