Lamor in brief
Lamor is one of the leading global providers of environmental solutions.) Lamor is an abbreviation of Larsen Marine Oil Recovery, and it is a family company incorporated by the Larsen family in 1982 in Finland offering expertise and solutions for the protection and cleaning of the environment and ecosystems. Globally strengthening environmental awareness is creating demand for sustainable solutions for soil and water clean-up, which Lamor is aiming to match. Lamor’s mission is to clean the world, which is demonstrated through its three business areas: oil spill response, waste management and water treatment. Performance, innovative technologies and services are the cornerstones of the Lamor’s operations. Since its incorporation, Lamor has worked for cleaning the world.
Lamor’s business is divided into the equipment business and the service business. The equipment business covers various equipment used for oil recovery, waste management and water treatment. Within its service business, Lamor provides its customers with versatile environmental solutions and services, which may include, depending on the needs of the customer, clean-up and preparedness services related to oil spill response, oil damage and other environmental damages, services for management of hazardous and non-hazardous waste, tailored and adapted water treatment services and delivery of equipment related to the solutions. Lamor's versatile clientele mainly comprises large international companies and customers in the public sector. At the end of September 2021, public sector customers accounted for 95 per cent and private sector customers for 5 per cent of Lamor's order backlog.
Lamor’s approach in the provision of environmental solutions and services is to be “globally local”, meaning that Lamor relies in its operations on its network of local partners. Therefore, Lamor is able to provide a wide offering of solutions, which can be tailored according to the individual needs of each customer. Lamor’s partner network consists of companies with a common goal to clean the world. The versatile network supports Lamor’s sales, customer service and fast response to the needs of its customers. Lamor operates in over 100 countries through its subsidiaries and associated companies, as well as its partner and distribution network. Lamor has subsidiaries and associated companies in 21 countries.
The Company has succeeded in maintaining its strong financial profile despite the coronavirus pandemic. The Company's revenue was EUR 35.2 million for the nine months ended 30 September 2021, EUR 45.6 million for the financial year ended 31 December 2020 and EUR 48.1 million for the financial year ended 31 December 2019. The Company's adjusted EBITDA margin -% was 13.4 per cent (EBITDA margin -% 11.8 per cent) for the nine months ended 30 September 2021, 14.0 per cent (EBITDA margin -% 12.3 per cent) for the financial year ended 31 December 2020 and 13.8 per cent (EBITDA margin -% 13.8 per cent) for the financial year ended 31 December 2019. The adjusted EBIT was 6.1 per cent (EBIT margin -% 4.1 per cent) for the nine months ended 30 September 2021, 7.5 per cent (EBIT margin -% 5.3 per cent) for the financial year ended 31 December 2020 as compared to 7.7 per cent (EBIT margin -% 7.2 per cent) for the financial year ended 31 December 2019. The Company's EBIT was EUR 1.4 million for the nine months ended 30 September 2021, EUR 2.4 million for the year ended 31 December 2020 and EUR 3.5 million for the financial year ended 31 December 2019.
The Company’s order backlog has grown more than 10-fold during the period between 1 January 2021 and 30 September 2021. At the end of September 2021, the order backlog amounted to EUR 228 million, of which the order backlog for 1 October 2021 to 31 December 2021 amounts to EUR 20 million, the order backlog for 2022 amounts to EUR 76 million and the order backlog for the following years amounted to EUR 132 million.
Lamor has applied for Nasdaq Green Equity Designation from Nasdaq Helsinki and is having discussions with CICERO Green and Nasdaq Helsinki on acquiring the Nasdaq Green Equity Designation. The Company has applied for Nasdaq Green Equity Designation from Nasdaq Helsinki but will still supplement its application with regard to the emission data required.
2) Lamor is the largest provider of oil spill response equipment by market share measured by revenue. This view is based on reviews, ordered by the Company, which are based on information gathered from the public financial statements of the Company's competitors. In addition, Lamor has the largest market share for remediation work of the biggest man-made oil spill in world history in Kuwait.