Home> News >    Second half and full-year 2022 financial results
09 March 2023

Second half and full-year 2022 financial results

Home> News >    Second half and full-year 2022 financial results

Strong growth and improved results for the second half and full-year 2022.

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Pro-forma revenue for the second half of 2022 was NOK 133 million, up 90% from the corresponding period in 2021, while pro-forma EBIT was NOK 1 million. For the full year 2022, pro-forma revenue was NOK 232 million, up from NOK 118 million in 2021, and pro-forma EBIT was NOK 1 million, an improvement from NOK -12 million in 2021.

The company’s order backlog was NOK 263 million at year-end, providing good visibility for further growth and a positive cash result in 2023. Inin Group plans to continue pursuing acquisitions and implementing a buy-and-build strategy within infrastructure and industry services niches in the Nordics.

“The group delivers strong revenue growth and a significantly improved EBIT, and even better than we guided in September last year. The pro-forma numbers reflect the high activity in the infrastructure segments we are present in, and our subsidiaries’ competitive edge. We have also reduced cash burn from development companies significantly during the second half of the year,” says Øivind Horpestad, CEO of Inin Group.

The pro-forma figures include Inin Group’s current subsidiaries – Nordic Infrastructure Group (100% ownership, Elop Technology (100%), Hadeland Elektro (65%) and Nordic Inspekt Group AB (65%) – on a full-year basis.

Solid order backlog

During the second half of 2022, both Nordic Infrastructure Group and Hadeland Elektro secured multiple new contracts. At year-end Inin Group’s order backlog stood at a healthy NOK 263 million, up from NOK 41 million at the same time in 2021.

“Our order backlog going into 2023 is higher than our total pro-forma revenue in 2022. This demonstrates that the competence of our subsidiaries is sought-after and that we are targeting the right niches within the infrastructure space,” says Øivind Horpestad.

Further, after year-end, Inin Group has announced new contracts with a revenue potential in excess of NOK 50 million.

High M&A activity

In addition to the investments in Nordic Infrastructure Group and Hadeland Elektro, Inin Group has actively pursued other investments. On 20 December 2022, Nordic Inspekt Group AB’s potential acquisition of testing, inspection, and certification company NSK Sweden was announced. Further, on 16 January 2023 it was announced that Nordic Infrastructure Group has agreed the principal terms of an agreement to acquire 100 percent of the shares in railway contractor Team 1435 AS.

Moreover, on 21 February, Inin Group announced that it had received a USD 30 million non-binding offer for the potential sale of wholly owned subsidiary Elop Technology AS.

Yesterday, Inin Group announced further structural and commercial changes that will transform the company to a fully-fledged, listed investment vehicle with a long-term investment horizon, focusing on a buy-and-build strategy within infrastructure and industry services niches in the Nordics. To ensure cost-efficient implementation of strategy, accountability and recruitment of experienced investment professionals, a private equity-like structure will be implemented for the future development and management of Inin Group’s investment portfolio.


A solid order backlog of NOK 263 million provides good visibility in 2023 for Inin Group. In total, 74 percent of budgeted 2023 revenue of NOK 355 million, for current Inin Group-owned businesses, is in the order backlog.

Continued high tendering activity is expected as maintenance requirements of public rail infrastructure continues to grow.

“We have spent a lot of time and energy in 2022 to get our new platform for profitable growth in place. Now we can fully capitalize on this work. Overall, we expect strong revenue growth in 2023 versus 2022, and with positive EBIT in 2023,” says Øivind Horpestad, CEO of Inin Group.

Inin Group expects to close acquisitions and initiate new acquisition processes during the coming quarters.

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