International network specialist, Norcon (AIM: NCON) has re-established an active office in Scandinavia which the company said will evolve over time into a regional sales base. This development re-opens a market for Norcon in this region, and in other European countries over a longer timeframe.
According to Norcon, Nordic countries remain at the forefront in rolling out the newest technology, targeting particular opportunities in Norway, Sweden and Denmark. In an example of such opportunities, mobile network operators launched the new 4G network recently in both Stockholm and Oslo, the network’s roll-out is planned throughout the region, Norcon stated.
The AIM listed company provides project management services and consultancy for various types of communications networks. According to Norcon network operators, particularly in emerging countries, regularly use external consultants to assist them install, upgrade and operate their various telephone networks.
The new office will be headed by Stein Eitrheim, who has significant experience of both Scandinavian and international telecoms markets. Eitrheim previously served on the management teams of Teleplan in Norway and the global telecom operator Telenor. "We are very pleased to appoint Stein Eitrheim to head our Scandinavian efforts, as we once again gear up to target some of the long-term opportunities emerging in this important market place where Norcon has its roots", Norcon Chief Executive Arnold Rørholt stated.
In addition to this return to Scandinavian markets, Norcon main focus is on the Middle East and Southeast Asia. Furthermore the company recently said it would seek growth opportunities in the form of profitable acquisitions and joint ventures. In the second half of the current year the company is expecting a further push, with plans to aggressively pursue the growth strategy into the Asiatic and African regions.
In January’s pre-close trading update, ahead of reporting results for the full year ended 31st December 2009, the company said revenue and EBITDA for 2009 are expected to meet analyst expectations. Norcon’s full-year results are scheduled for March 2010. The company said has delivered against its stated organic growth objectives of extending existing contracts and expanding into target sectors and countries.
In late October 2009, Norcon announced signing a two year contract extension with the UAE Armed Forces. The agreement extended a contract signed in 2006 and sees Norcon manage the procurement and implementation of the UAE Armed Forces' Joint Command and Control system, a complex IT system which manages all of the UAE's defence assets. Additionally, Norcon continued to renew its contracts with its current telecom clients in territories such as Indonesia, Saudi Arabia, Kuwait and Qatar. Business development efforts continue in South Africa, India and select other locations.
Disclosure: The author holds no positions in the company