Flight-services

The final step in the strategic and financial turnaround

Published on
October 24, 2024
For Nordic Unmanned (NU Group), 2024 was set as a “transition year”.

At the end of August, a new, focused strategy was launched, with a sharp emphasis on the defence and security segment. The organisation has been streamlined and consolidated into two distinct business areas.

“The future looks promising, and as it stands, we are aiming to lay the foundation for profitability and growth through 2025 and into 2026. This is why it’s crucial to proceed with a capital raise now, ensuring that Nordic Unmanned is well-positioned to reach those goals,” says CEO Stig Harry Christiansen.

To achieve this, NU Group plans to raise NOK 45 million through a share issue. The company’s largest shareholder, Viggo Tjelta, also serves as Chairman of the Board and holds a 42% stake through Tjelta Eiendom AS.

He has committed to subscribing to NOK 25 million worth of shares in the upcoming share issue, which Pareto Securities has been engaged by the Board to manage.

“The upcoming share issue looks to be the final step in the turnaround process, and within less than a year, it will lead the company to profitability. We’ve transformed in a market where groundbreaking technology continuously reshapes the industry,” says Viggo Tjelta, adding:

“We already see significant bids and large drone deliveries on the horizon, with professional military drones produced in NATO countries. The demand for this technology is growing, and it will be critical in future defense strategies, both nationally and internationally. We are ready to seize the opportunities ahead and solidify our position in this rapidly expanding market,” says Viggo Tjelta.

The consolidation has already yielded results in Q3 2024. A stock exchange announcement on Wednesday revealed that Flight Services delivered positive EBITDA.

“We have seen the impact of the cost cuts that were implemented. Investments in structural capital, combined with the strategic focus, have allowed us to clearly see when the turnaround will be complete,” says Stig Harry Christiansen.

Part of this focus involves enabling scalability without requiring high capital investments.

“I have great faith in the future of Nordic Unmanned,” concludes Viggo Tjelta.