Hexagon Composites, a global leader in composite cylinder technology and clean energy systems, has announced its financial results for the first quarter of 2024. Despite a slight decrease in revenues compared to the previous year, the company remains optimistic about its future prospects.
According to the report, Hexagon Composites generated NOK 1,083 million in revenue during Q1 2024, down from NOK 1,130 million in Q1 2023. Similarly, EBITDA for the quarter was NOK 77 million, compared to NOK 83 million in the same period last year.
However, Hexagon Agility, the company’s Mobile Pipeline distribution business, delivered record-breaking results for the eighth consecutive quarter. This success helped offset the softer performance of other business segments, according to Jon Erik Engeset, Group CEO of Hexagon Composites.
Looking ahead, Hexagon Composites expects increased demand for natural gas trucks in the second half of 2024, driven by the availability of a new 15-liter engine. The company also anticipates continued growth in its Mobile Pipeline business, fueled by the production of renewable natural gas. To support this growth, Hexagon Agility has implemented a capacity expansion program, ensuring a strong foundation for future success.
In addition to operational achievements, Hexagon Ragasco recently launched its innovative Linktra® LPG cylinder in Norway. This smart cylinder, developed in collaboration with Linde, offers enhanced convenience and efficiency for consumers and distributors, further establishing Hexagon Composites’ position as an industry leader.
With a clear vision for the future, Hexagon Composites is confident in achieving its 2025 targets of surpassing NOK 6 billion in revenues and maintaining a 15% EBITDA margin.
For further information on the first quarter 2024 results, interested parties can refer to the attached report and presentation on Hexagon Composites’ website.
To learn more about Hexagon Composites and its commitment to a cleaner energy future, visit their website and follow them on X and LinkedIn.
Contact:
Ingrid Aarsnes
VP Investor Relations & ESG, Hexagon Composites ASA
Phone: +47 950 38 364
Email: [email protected]
Karen Romer
SVP Communications, Hexagon Composites ASA
Phone: +47 950 74 950
Email: [email protected]
Hexagon Composites, a global leader in composite cylinder technology and clean energy systems, has reported its financial results for the first quarter of 2024. Despite a slight decrease in revenues compared to the previous year, the company remains optimistic about its future prospects. In Q1 2024, Hexagon Composites generated NOK 1,083 million in revenue, down from NOK 1,130 million in Q1 2023. Similarly, EBITDA for the quarter was NOK 77 million, compared to NOK 83 million in the same period last year.
One of the highlights of the quarter was the impressive performance of Hexagon Agility, the company’s Mobile Pipeline distribution business. It achieved record-breaking results for the eighth consecutive quarter. This success helped offset the softer performance of other business segments. The strong performance of Hexagon Agility indicates the potential for significant growth in the future.
Looking ahead, Hexagon Composites expects increased demand for natural gas trucks in the second half of 2024, driven by the availability of a new 15-liter engine. This expectation aligns with the global trend of transitioning to cleaner energy sources and reducing carbon emissions. The company also anticipates continued growth in its Mobile Pipeline business, fueled by the production of renewable natural gas. This indicates a strong market demand for clean energy solutions.
To support the anticipated growth, Hexagon Agility has implemented a capacity expansion program. This program ensures that the company has the necessary infrastructure and resources to meet the growing demand for its products and services. By investing in expansion, Hexagon Composites is positioning itself for future success.
In addition to its operational achievements, Hexagon Ragasco, a subsidiary of Hexagon Composites, recently launched its innovative Linktra® LPG cylinder in Norway. This smart cylinder, developed in collaboration with Linde, offers enhanced convenience and efficiency for consumers and distributors. It further establishes Hexagon Composites’ position as an industry leader, showcasing their commitment to developing innovative and sustainable solutions.
Hexagon Composites has set ambitious targets for the future. It aims to surpass NOK 6 billion in revenues and maintain a 15% EBITDA margin by 2025. With its continuous focus on innovation and commitment to clean energy, the company is confident in achieving these goals.
While Hexagon Composites is poised for growth, there are potential challenges and controversies associated with the subject. Some key challenges include regulatory barriers, competition from other clean energy solutions, and market fluctuations. The clean energy sector is highly regulated, and changes in regulations could impact market dynamics. Furthermore, there are various competitors in the clean energy market, and Hexagon Composites will need to differentiate itself to maintain its market share. Lastly, market fluctuations and economic uncertainties can affect the demand for clean energy solutions.
For more information on the first quarter 2024 results, interested parties can refer to the attached report and presentation on Hexagon Composites’ website.
To learn more about Hexagon Composites and its commitment to a cleaner energy future, you can visit their website and follow them on X and LinkedIn.
Contact details for further inquiries:
Ingrid Aarsnes
VP Investor Relations & ESG, Hexagon Composites ASA
Phone: +47 950 38 364
Email: [email protected]
Karen Romer
SVP Communications, Hexagon Composites ASA
Phone: +47 950 74 950
Email: [email protected]