Dovre Group Rises as Oil Investments Boost Sales: Helsinki Mover
Dovre Group Oyj (DOV1V), a Finnish provider of software and consulting to energy companies, climbed the most in more than two years as surging oil and gas investments in Norway contributed to a better forecast.
Dovre gained as much as 11 percent, the most since May 2010. Shares in the Espoo, Finland-based company rose 6.4 percent to 50 cents at 6:08 p.m. in Helsinki trading.
“The energy sector has seen a great amount of investments around the world lately,” Chief Executive Officer Janne Mielck, a former vice president at refiner Neste Oil Oyj (NES1V)’s oil products and renewables unit, said by phone today. “Central markets for us are Norway and Canada, any development there has the biggest absolute impact on our business.”
Investments in the oil and gas industry in Norway are forecast to rise to a record 204 billion kroner ($35 billion) in 2013, compared with a June estimate of 194 billion kroner, the nation’s statistics office said on Sept. 6, citing its quarterly survey of producers and explorers. Investments next year will rise 10 percent from 185 billion kroner this year, after gaining 27 percent this year.
Dovre said today net sales and comparable operating result will grow over 20 percent this year from 2011, compared with an earlier estimate of over 15 percent sales growth. Dovre Group had annual sales of 72.5 million euros last year. It will publish third-quarter earnings on Oct. 25.
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