Norlandia Care Group AS increased turnover by 31%

Norlandia Care Group AS published today its annual report for 2014. The company reported a revenue increase of 31%. 

In 2014, Norlandia Care Group for the first time made acquisitions in the area of preschool operations in the Netherlands and in Finland. The acquisition of a large elderly care operation in Sweden was announced in February 2015. The group achieved its growth with operations in the fields of preschools, patient hotels and elderly care. Revenue growth was due to both acquisitions and organic growth.

"I am very pleased with our strong growth in 2014. We now have full attention on securing maximum operational efficiencies of existing units and on consolidating newly acquired businesses" says Hilde Britt Mellbye, CEO of Norlandia Care Group AS. Revenues for the group rose to 1,854 million Norwegian kroner (NOK) in 2014 from NOK 1,417 million in 2013. Profits before taxes for the group was NOK 69.2 million in 2014, with an EBITDA of NOK 120.8 million. At year-end 2014 had firm which over 3,000 employees. Today the firm has over 5,500 employees. Revenue for the first quarter of 2015 was NOK 661 million.

Norlandia Care Group now has an annual turnover level of NOK 3.000 million based on existing operations and on known revenues from operations that will begin in the near future. This is an increase from NOK 1.900 million in the same period last year. The company is now twice as large as at the end of 2013. Margins are expected to be at a similar level in 2015 as in 2014.

These were the most important events for the group in 2014 and in the first months of 2015:

  • We took over the responsibility for operating Orkerød nursing home in Moss
  • We won the contract to operate Oppsalhjemmet nursing home in Oslo for six more years
  • We bought the Swedish elderly care business Kosmo, and became the third largest private operator in that market
  • We won the tenders for the operation of elderly care units in four Swedish municipalities: Mjölby, Vallentuna, Lund and Kristinehamn
  • We won the tender for the operation of three new kindergartens in Oslo
  • Both our Norwegian and our Swedish operations are now ISO certified
  • We bought preschool businesses KINDEX and Kakelbont in Netherlands
  • We bought 59% stake in Tenava, the biggest preschool operator in Finland with 30 units primarily in Helsinki, Tampere and Jyvaskala
  • We expanded our listed bond issue by NOK 150 million to ensure a solid balance sheet and flexibility for future growth

The company continues to be controlled by its northern Norwegian founders: Hospitality Invest AS (Kristian Adolfsen and Roger Adolfsen), Benn Eidissen and Even Carlsen controlling respectively 64%, 18% and 18% of the shares in Norlandia Care Group AS.

Media contact: Hilde Britt Mellbye, CEO, +47 997 16 617 in Norlandia Care Group AS.

Read the annual report here >>