TESS has a close collaboration with the contractors in the Follo tunnel, Norway’s largest transport project, and the deliveries comprise services and a broad range of products for operations and maintenance. This also included participation in a ceremony where a Catholic priest blessed the construction workers and asked Saint Barbara to take care of them during the work at the site.
TESS is once again experiencing growth after some tough measures in last year’s challenging economic climate. Revenues in the first six months of 2016 comprised NOK 1.49 billion, an increase of 7 per cent compared with the first six months of 2015, and ahead of the figure for record year 2014. The gross margins have remained under pressure.
The figures for the first six months of 2016 show that TESS’s growth is back on track. Profit before tax for the first six months of 2016 comprised NOK 61.4 million. This is an improvement of 9 per cent on the first six months of 2015, and the focus on costs, fewer full-time equivalent positions and reorganisation into a targeted organisation will provide significantly better margins for the second half of the year.
TESS tackled tough times in 2015. The wholly Norwegian trade and service company, TESS – the country’s largest hose supplier – came through last year’s tough financial challenges and the downturn in the oil industry unscathed. An early shifting of resources to other market areas gave and continues to give results. In particular, the aquaculture and construction contracting sectors are exhibiting solid growth.
TESS has used the first half of 2016 to gather the company’s activities under a group umbrella. Eleven regions have been collated into four new ones, and the central core activities with hoses, products for operations and maintenance, and warehousing and logistics, have been gathered in TESS Logistikk AS. With the new group as a solid platform, the work continues to improve the efficiency of operations and develop the services in the markets in which TESS operates. TESS will become both more resilient and more daring, and the acquisition of related activities is forthcoming.