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Hexagon Composites ASA: Second quarter 2024
OSLO, Norway, Aug. 15, 2024 /PRNewswire/ -- Hexagon Composites (OSE: HEX.OL), world leader in composite cylinder technology and related systems for storage and transportation of clean gaseous energy reported revenues of NOK 1 150 million for second quarter 2024 (Q2'23: 1 161 million). The reported EBITDA was NOK 137 million (Q2'23: 110 million), resulting in a 12% EBITDA margin (Q2'23: 9%).
"The main highlight of the quarter was the substantial increase in EBITDA for the Group, reaching NOK 137 million, an improvement of 25%," says Jon Erik Engeset, Group CEO of Hexagon Composites. "On June 3 we sold Hexagon Ragasco, a proud member and important part of our Group for over 20 years, to Worthington Enterprises for an enterprise value of NOK 1 050 million. The transaction further sharpens Hexagon's focus on market leading solutions for alternative fuels and high-pressure industrial gases."
Outlook
Heading into the second half of 2024, ...