Reached NOK one billion in turnover

In 2011 Omega secured a financial milestone, achieving more than NOK 1 billion in turnover.

Published: 01.03.12

Omega posted an annual revenue of NOK 1030 million in 2011, a 22 per cent increase from 2010.

“First of all, this is the result of Omega's position in a market experiencing high levels of development in oil and gas related projects. Secondly, this achievement is due to the efforts of our many skilled employees. The way our team works makes Omega an attractive company in the personnel reources field. Our people deliver quality which makes clients choose us as provider and partner,” says Omega CEO, Petter Aalvik.

"Omega's solid growth year after year is not a given; This is the result of our strong market position and a talented team that delivers high-quality services," says Aalvik.

Omega’s net profit for 2011 was NOK 39 million, up from NOK 35 million the previous year. The result is somewhat lower than the turnover would indicate.
“Working with lower operating profit margins contributes to strengthen Omega’s position in competition with other providers. The net profit is also influenced by the fact that Omega takes on costs for technology and product development, which we see will provide better returns in the long run,” Aalvik explains.

Growth abroad

The majority of Omega’s international offices posted positive financial growth in 2011; Omega’s business in Denmark maintained a steady increase in 2011 in keeping with recent years, whilst Singapore experienced a solid jump from NOK 14 million in 2010 to NOK 20 million last year.

2011 was a strong first year for Omega’s newest offices in Australia and the UK. Australia finished the year with 19 million in turnover, while the UK office posted NOK 4 million.

“Contracts for Omnisafe and Omnicom were secured with a number of new and significant international clients in 2011. We see great potential in continuing the development of these HSE and Contract Management products, which complement the rest of our Pims portfolio,” says Aalvik, who is optimistic regarding 2012.

Optimism for 2012

“We have high ambitions for 2012. Omega adapts its growth speed to the market and all signs currently point to full speed ahead. Our clients expect us to deliver more than ever, and market conditions have given us the opportunity to offer more attractive job opportunities for our employees, to have a presence where our clients are located, and to improve the quality of our products and system solutions. A part of the Omega concept is to operate well with small margins, and that’s why the opportunity to grow means so much,” says Aalvik, who believes Omega may reach another milestone this year.

“Even though things look bright at the moment, it is possible that the European debt crisis could hit us and slow down growth this year, but unstable markets tend to have a limited effect on already-initiated projects, and we currently have many projects getting started. Omega has shown strength, posting solid results in both good and challenging times. This company is ready to be a team of 1 000 and 2 000 employees. Circumstances suggest we will reach 1 000 employees this year,” Aalvik says.