In the second quarter of 2020, Hexagon Group generated NOK 683 (882) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK 19 (62) million.
Profitability was reduced by the impacts of the global pandemic and resulting macro factors, particularly in Agility Fuel Solutions and Hexagon Mobile Pipeline businesses. Hexagon Ragasco experienced a strong quarter.
The first half of 2020 provided revenues of NOK 1,508 (1,704) million and an operating profit before depreciation (EBITDA) of NOK 56 (212) million. The 2019 comparative EBITDA included overall positive impacts related to the Agility Fuel Solutions transaction of NOK 62 million, in the first quarter of that year.
The financial impacts of COVID-19 were most apparent in the second quarter, especially impacting transit bus demand in North America and Europe following temporary manufacturing shutdowns of several leading OEM companies. For more detail on the Company’s risks, responses, impacts and resilience in relation to the COVID-19 pandemic, please refer to The Outlook section and the company presentation accompanying this report.
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