Annual General Meeting: Turnover and result stable in 2017
Waagner-Biro Stahlbau reports a positive result after two difficult years: In particular, the project expansion of the Lakhta project in St. Petersburg and a very good order intake on the English market helped to increase this input. A highlight of the past year was the opening of the Louvre Abu Dhabi. The project generated a strong international response and was perceived extremely positive.
Waagner-Biro Stage Systems contributed to the group balance with a strong result. In 2017, several long-running and prestigious projects were successfully completed. One highlight is the Hamburg Elbphilharmonie, which opened in January 2017. Projects such as the fully renovated opera house "La Monnaie" in Brussels or the cruise ship NCL Joy (NCL Cruises) contributed to the success. In addition, at the end of last year, the State Opera "Unter den Linden" in Berlin was opened thus completing another major stage engineering project. At the turn of the year, the complex conversion of the stage technology in the Joan Sutherland Theater of the Sydney Opera House was completed.
The English subsidiary Qualter, Hall & Company Limited suffered losses in revenues and profits due to market uncertainty following the Brexit. Nevertheless, the Dover Western Docks renovation works and the signing of a framework contract for nuclear safety gates have secured interesting projects. In collaboration with Waagner-Biro Stahlbau, the bombproof glass roof of Paddington's new Cross Rail access and the movable roof of a club on Berkeley Square were successfully completed last year.
Waagner-Biro Bridge Systems in 2017 recorded a decline in revenue and profit over the very successful year 2016. A larger order for panel bridges was completed. In addition, projects could be won in Costa Rica, Mozambique, Chile, Congo and Guatemala. Within a consortium, an order for the construction of two railway bridges for ÖBB could be landed on the Austrian market. In the Bridge Systems business unit, the very good results of the service business in the United Arab Emirates and the delivery and assembly of two architecture bridges in Indonesia stand out particularly well.
The very good order backlog for the current financial year provides a solid basis for the Waagner-Biro Group. "Our strategy is still to reduce volatility through well-calculated projects and the expansion of the service business. Our focus in 2018 is on generating increased profitability and liquidity from the projects, "Jost concluded.