Update on Opus’ Notice of Contract Award from New Jersey

The State of New Jersey, Department of Treasury, issued a Letter upholding a protest filed by a competitor and rescinding the Notice of Contract Award to Opus Inspection, Inc. (Opus) issued on August 23, 2017. 

Opus is in the process of reviewing its legal options.  
Opus is currently not the incumbent contractor for the vehicle inspection program in the State of New Jersey.
Gothenburg, January 5, 2018
Opus Group AB (publ)
This information is information that Opus Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on January 5, 2018.

For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
E-mail: lothar.geilen@opus.se

Helene Carlson
Director of Corporate Communications & Investor Relations
Phone: +46 765 25 84 93
E-mail: helene.carlson@opus.se

Opus forms new division to address increased vehicle complexity

Opus has formed a new division to focus its offerings within service, repair and support of modern vehicles. The new division, Intelligent Vehicle Support, addresses the technical support challenges that come with ever-increasing vehicle complexity.

With the advent of autonomous vehicles, telematics, and connected cars, vehicle technicians require additional support to stay current with the pace of change in vehicle technology. They also need to reduce time and cost associated with accessing the exponentially growing, model-specific vehicle systems data.
Through its new Intelligent Vehicle Support division, Opus assists repair shops in keeping up with rapid advances in vehicle technology, providing the support they need to perform highly specialized diagnosis and electronic reprogramming services across multiple vehicle brands. The support services are initially offered in North America, Europe and Australia.
Forming this new division is a milestone towards the group’s ambition to double its revenues to USD 400 million and increase EBITDA to USD 100 million by 2021. The new division represents about 10 percent of Opus’ total revenues, with a good potential to grow. Starting with the first quarter 2018, Opus will include separate financial reporting for its two divisions – Vehicle Inspection and Intelligent Vehicle Support. Within Vehicle Inspection, Opus will report three geographical segments: Europe, Latin America and U.S. & Rest of World.
The new division unites Drew Technologies with Opus’ recent acquisitions Autologic and Farsight under one single management structure with a well-defined aspiration. It focuses on technology-based offerings that assist repair shops in programming, diagnosis, and repair of advanced vehicles. Remote technical support, such as Autologic Support and Remote Assist Program (RAP) services, is delivered through approximately 75 expert mechanics based in the U.S., United Kingdom, and Australia.
The Intelligent Vehicle Support division is headed by Brian Herron, previously President, Drew Technologies. Brian also joins Opus’ Group Management Team. Brian has managed businesses in the automotive aftermarket for over 15 years, and has played a significant role with both Original Equipment Manufacturers and the Aftermarket in the formulation of reasonable Right to Repair provisions. “I have spent my career helping technicians gain access to advanced vehicle systems. With the backing and global footprint of Opus, the companies in this newly formed division are excited to innovate and deliver solutions to fix the most sophisticated vehicles of today and tomorrow” said Brian Herron. Opus Intelligent Vehicle Support leverages the domain expertise, advanced technologies, vehicle manufacturer relationships, and distribution networks of its companies to create synergistic vehicle support offerings on a global scale.
Lothar Geilen, CEO, said, “At Opus, our success is built on pioneering technologies and processes offering innovative solutions to our customers’ challenges. With our new Intelligent Vehicle Support division, Opus is poised to become a global leader in providing innovative support services for advanced vehicles, today and in the future.”
Gothenburg, January 3, 2018
Opus Group AB (publ)

For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
E-mail: lothar.geilen@opus.se

Helene Carlson
Director of Corporate Communications & Investor Relations
Phone: +46 765 25 84 93
E-mail: helene.carlson@opus.se

Opus receives notice of contract extension from the NewYork Taxi & Limousine Commission

The New York Taxi and Limousine Commission (TLC) has signed a new contract extension with Opus Inspection to continue technical support of their comprehensive vehicle safety inspection program.

The 1-year extension began October 1, 2017, and may be extended at TLC’s option. Opus Inspection initially provided TLC with an automated centralized inspection system for all medallion taxicabs in October 2005, and has continuously provided hardware/software support as well as upgrades for the system since that time.
“We have had a longstanding, excellent relationship with the New York Taxi & Limousine Commission,” said Chris Smith, Opus Inspection’s Vice President of Operations. As part of the extension Opus will be providing several upgrades to the system including enhanced OBD inspection equipment and new, web-based administrative software. “We look forward to continuing our partnership with the TLC for many more years as well as expanding our use of new safety inspection technologies.”
Gothenburg, December 20, 2017
Opus Group AB (publ)

For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
E-mail: lothar.geilen@opus.se

Helene Carlson
Director of Corporate Communications & Investor Relations
Phone: +46 765 25 84 93
E-mail: helene.carlson@opus.se

Redeye equity research report 2017-11-19

Redeye equity research report 2017-11-19