Okay, good morning, everyone. Welcome. It's good to see everybody again. Today, I'm delighted to announce our Q4 results 2024. My name is Reuben Segal. I'm the Group CEO, and I'm also joined this morning by David Jackson, the Group CFO. As I said, I'm going to give you a quick overview, the typical, our usual schedule format. I'm going to give you a quick overview of how Q4 played out and also the rest of 2024. I am going to hand across to Stuart, who's going to give you more details on our financials and how the quarter played in terms of cash and EBIT and so on and so forth. I will wrap up with a summary and how we see things going forward in our various markets. As usual, we draw your attention to the disclaimer.
Please feel free to read this in your own time. Let's jump into the results. Another mixed bag, if we're honest. We had some low spots. We had some high spots. Overall, we ended the quarter with $86 million of revenues. That was predominantly driven over the previous year from the acquisition of Ross Offshore, which also came into the organization, which, of course, added more revenue. Saying that, if you remove the revenues from Ross Offshore, there was a slight increase in organic growth across the organization. That was in different parts, while at the same time, we had a decrease in revenues across OWC, which you'll see more details on in a moment. It was a mixed bag in terms of revenue growth. We had some down in the offshore wind. We had some up in the oil and gas.
Even that was quite different across the globe in terms of the Americas versus Asia and so on and so forth. It was another mixed quarter, but overall, revenue-wise, it was an okay end to the year. Q4 kind of mirrored the rest of 2024 in terms of a very volatile market that we're in. Some parts of the oil and gas sites saw some good high points, also some low points, and also we saw offshore wind being very much pushed to the right-hand side. Q4 ended the same way, really, as the rest of 2024, although there are some bright spots, which I'll come on to a little bit later. In terms of the EBIT, a marginal increase over our Q2 figures. We closed the quarter at $3.1 million with a margin of about 3.6%. Again, quite a mixed bag.
We had offshore wind, which was down. We also had a reduction in our utilization in the ABL segment of the organization, which, of course, brought some of the margins down. Saying that, we had a very good result in both AGR and Longitude, which brought some of the margin back up. The margin was kind of a bit like the rest of the business, quite a mixed bag. Overall, these were the results in terms of the EBIT and in terms of the revenues. In terms of the net cash position, we closed at $4.8 million. This is down over a quarter, but that is also due to the payment of dividend during the quarter of just over $5 million. There was an increase in the cash, but obviously a decrease once you take out the dividend.
Finally, we also had a very active quarter in terms of M&A. In fact, 2024 overall was quite active with M&A as we continued into 2025. We announced the acquisition of Hidromod, which I'll talk about in a moment, and also the acquisition of Techconsult, which we will actually close in Q2 this year. It was quite active at the end, and we'll talk about that in a moment. People are going to ask, how do we see 2025? Because this is 2024. It's gone by. It was a tricky year. If I'm honest with you, there are things we should have done. Maybe there were some actions we should have taken earlier. I think we've said that in Q2. We have seen some of the lights coming through. Some of the actions that we took, particularly in Q2 and Q3, have started to flow through.
Hence, how do we see 2025? I think the answer is in our dividend. We agreed with the board yesterday that we would like to increase this dividend from NOK 0.4 to NOK 0.45 per share. That kind of gives you an indication of how we see things going forward, how we see our markets going forward, how we see our operations in view of the changes we made during 2024. Just talking very briefly before I hand across to Stuart, we did announce the acquisition of Proper Marine in Brazil, in Rio de Janeiro. This was a company founded in 2010. It is a pure engineering play. It is in marine operations. It is in engineering design. It is in consultancy. If some of you will remember the story of Longitude, it is a part of our business that is one of the smallest parts, but highly profitable.
We want to find ways to grow Longitude, continue to push our engineering services, and Proper Marine was a perfect acquisition for us down in Rio de Janeiro. One of the hotspots in oil and gas is still in Brazil, and I think they're very, very well placed. We'll talk more about Proper Marine as we move forward. This acquisition was announced in Q4, and we closed it in the beginning of January. Last but not least is Techconsult. This is a little bit early. We've only announced it in Q1, so this has got nothing to do with our Q4 results. It continues that growth with AGR. We had an opportunity to acquire Techconsult. It brings another 200 professionals into the organization. It continues to take our push here in Norway and more into the resourcing.
Techconsult was announced in February, and the plan is to close Techconsult in early April. You will get to hear more about that when we do the Q1 results. That is the mixed bag. I will come back and talk a little bit more a little bit later, but for now, I will hand across to Stuart, who will give you more detail on the financials.
Thank you, Reuben. Good morning, everybody. Before I go into the financials, let me just pick up on the acquisitions that we did more recently. In terms of Proper Marine, an acquisition we closed in January of this year, $4 million in terms of purchase price. In terms of consideration for that, we paid half of that in cash, and then half of that is coming through shares. Those shares will be paid out over the next five years. This is part of the Longitude business, as Reuben has mentioned. We had about $100,000 of transaction costs associated with this. Obviously, our first point of consolidation for Proper Marine will be the Q1 results we come back to in a couple of months' time. In terms of Techconsult, an acquisition announced in February, we will actually close this probably in April.
Consolidation from Q2 going forwards. Overall purchase price was $3.9 million, so NOK 43.1 million. The consideration here is predominantly cash, but also seller's credit. For a year, we have $1 million that we hold back and then pay in 12 months' time after the closing. You will start to see those coming through in the Q1 and the Q2 results as we go into 2025. Going then back to Q4 and the numbers, I guess this is just a snapshot we show in terms of the overall business. A couple of points to note, I guess AGR is now sitting there from a revenue perspective as the largest part of the business because of the consolidation of Ross Offshore in Q4, as we had in Q3. It also has marine operations going through there.
I'll come back to the impact of marine operations when I go through some of the details. That makes the revenue, I guess, a bit more lumpy when we look at the AGR segment going forwards. As Reuben mentioned, from the ABL point of view, a bit of a downturn in terms of overall utilization during the quarter, so lower utilization there. We've also had some bad debt in that period, but I'll come back to that when we go through the details. OWC is a roundabout break-even for the quarter. They've taken some cost reduction measures during that quarter and will continue to do that through Q1 of 2025 to manage the cost base relative to where the market is at present. As we've indicated before, we don't see an upturn in the market until the second half of 2025.
Longitude, the smallest part of the business, but lumpy in terms of project completion. We have a very strong quarter here in terms of 34% EBIT margin during that quarter. Our corporate costs are about 6.6%. That gives us 3.6% in terms of the overall EBIT margin in the quarter. That is comparable to 6% as the guidance through the cycle that we get to the market with the mix of businesses we have at present. Turning then to a bit more of the detail, as I mentioned, from an ABL perspective, lower utilization during the quarter. That is reflected in terms of where we are in terms of margin compared to this time of last year. We also had $400,000 of bad debt in the ABL sector. A large part of that is attached to Pemex and Mexico.
Our policy is that after we have a receivable that's outstanding for 12 months, we make a full provision. We have taken that provision in Q4. We still do see with the unwinding of payments coming out of Pemex that we will start to recover that hopefully in the first half of 2025. With the lower utilization, I guess predominantly I would focus around the Americas region, where during Q4 they have already taken actions to reduce their cost base. We should see the benefits of that as we come into 2025. From an OWC perspective, continued downturn in the market. We have been talking about that now for probably four or five quarters. As I mentioned, we do not expect that to recover until the second half of 2025, although we have seen a bit of an uptick in terms of our tendering activities more recently.
OWC, as I mentioned, has taken cost reduction measures through Q4 of 2024, and there will be further cost reduction measures as we come into 2025. Hopefully we get that to position a returning to profitability before we see the recovery in the market. Longitude, as I mentioned, very strong performance during the quarter. I think if you look at the bottom table with Longitude here, you see in terms of the margin level how lumpy that business can be dependent on when there are completions happening on the project. We are at 34% this quarter, a couple of quarters before we were at 10%. That is the lumpiness of that business. Finally, AGR performing quite well. We have the integration of Ross Offshore during this quarter. The underlying business that we had from AGR before Ross is performing well.
From a Ross perspective, we've mentioned before, we also acquired their marine operations business. This is where we're chartering a vessel and passing that through to a client, and then we're adding services to that vessel. We make a good margin in terms of the added services, but the pass-through of that cost of the vessel virtually goes at a near low, a very small margin. When the boat is out and working, you'll see an increase in our revenue, but not attached to the margin. We'll get the margin that comes through through the project deliverables we have. I think the other thing with that business is actually we get a lot of cash upfront. It will have an impact in terms of our working capital.
I think if we've got material cash we're sitting on at the end of a quarter, because of that, we'll just disclose what that cash is at the time. Turning then to the abbreviated statements from the income statement, revenue is up 27%. Operating costs are up 32%. That is Ross Offshore coming in, so structurally lower margin business. The driver in terms of revenue growth is obviously Ross, but underlying that, the Longitude business has had a good quarter, so up 30%. That gives us an EBIT of $2.4 million. You see down below the adjustments we have in terms of our EBIT. The restructuring costs, the OWC business as part of taking out costs, it has also exited the hydrogen consultancy business. We have taken the cost of that out because it is non-recurring.
M&A costs we provide under IFRS under the operating costs, but we take those out because they're non-recurring. The amortization of PPA intangibles goes through the business, and we adjust that in terms of our EBIT as we have done before. That gives us $3.1 million in terms of EBIT during the quarter, and as I said, 3.6% in terms of margin. In terms of the cash flow, our profit before tax at $3.1 million, adjusting for FX, working capital, and the non-cash items gives us a reasonably strong cash flow position of $5.9 million during the quarter from an operating perspective. Cash going out of the business from investing, $1.4 million going out there in terms of ongoing CapEx projects, but also the conclusion of the Hidromod acquisition, which we paid for in Q4.
From a financing perspective, largely the outflows to shareholders, so $5.2 million in terms of distribution to shareholders coming in the form of $4.9 million in terms of the dividend payment and the remainder in terms of buyback of shares during the quarter. That gives us a net cash outflow during the quarter of $1.9 million. After adjusting for FX, we are at $19.5 million cash at the end of the quarter. From a balance sheet perspective, not that many movements. We start at $19.5 million cash. Short-term borrowings for the RCF facility we have, no drawings on that during the quarter. That stays the same at $14.6 million to give us the $4.8 million of net cash we have.
In terms of working capital, the calculation basis here, just to remind you, we're making a comparison back to one quarter of revenue, whereas historically we've done the average of the last two quarters. We've made that change simply because for the number of transactions we have, it gives a quicker reflection in terms of the impact of the M&A businesses coming into the ABL Group. We ended at 40% Q4 in terms of the working capital ratio. We still have 30%-40% in terms of our guidance, but obviously with the marine operations business, that can give some variability in that number.
Finally for me, in terms of the dividend payment, as Reuben mentioned, the board decided to recommend NOK 0.45 per share for the first half of 2025, which will equate to NOK 5.3 million in terms of dividend payment out to shareholders to be approved at the AGM on the 28th of May. This will actually be in the form of a repayment of paid-in capital rather than a straight distribution. In terms of finishing 2024, over the year we paid out NOK 0.8 per share over the period, which equates to NOK 9.7 million of distribution to shareholders. With that, I'll pass you back to Reuben to take us through the outlook.
Thank you. Firstly, for people online, if you have any questions, sorry, I should have mentioned this earlier, please put your questions in the chat room and we will answer them at the end. Just before we get into the outlook, let's talk a little bit about the operation as well, because you've seen the slight margin decline across ABL. Like I said, maybe we should have taken some actions earlier. We will not be perfect in everything that we did, but we have taken actions. Like I said, with the dividend that we're now forecasting for 2025, subject to the AGM, we believe in what we've done. We believe in the operations that we have. We believe in the changes that we've taken. What you see here, we continue to increase the headcount year on year, quarter on quarter within ABL segment.
Yet at the same time, we did have some decline in the utilization and hence why we had the decline in the EBIT in Q4. We have taken the right actions. We see that the way the market is going, we're going to talk about the market in a moment. I think what we're doing is the right way ahead. If you look in OWC, you will see a decrease in the headcount. That also includes the Operation Golden Eagle, which is our onshore technical due diligence in the Americas, where we did increase the headcount. The net effect is still a reduction in headcount. That is because we continue to make the change in OWC. If you saw on the numbers, the actual revenue is down by close to $2 million, a million dollars year on year. Yet the EBIT is flat year on year.
We continue to make these changes. The question was, did we take them early enough? The answer is probably no. We should have taken some of these actions earlier. We hold our hands up to that. The actions we have taken, we hope to see some of that coming through very early, and we will talk about that in a moment. The increase in AGR is predominantly through Ross Offshore, and Longitude is flat, although we will be bringing in Proper Marine in there as well. One other comment to make as well is about our use of freelancers. During this period, we have tried to reduce the use of freelancers. That is the ability that we have to try and take out these lumps and humps.
It doesn't look like there's been a large decrease, but actually the decrease is bigger than you think because bringing in Ross Offshore brings in a lot more freelancer base. If you take the net effect of pro forma, there's actually a reasonable reduction in our freelancer usage during Q4. How do things look going forward? There's a lot of mixed discussion about renewables, in particular, a lot of mixed discussion about offshore wind. Where is it going? OWC was very focused on offshore wind. We've tried to divest away from that and tried to put more into onshore wind, solar, battery, and other types of renewable energies. We continue that push. The offshore wind is still there. There are some very good bright spots.
If you look at the level of bidding that we've had over the last four or five months, there is a big increase in the bidding. If you look at our win rates, there's a big increase in the win rates, which will go into 2025. If you remember, we talked about slipping this into the back end of 2025, and at the moment, we believe that that was how it will continue. As I said, if you just look at the win rates, if you look at our bidding rates, it kind of suggests that. Remember, offshore wind is not only about the European sector, it is also across Asia, it's down in South America, and so on. It is a mixed bag. The graph still showed the same thing. The long term is still the same thing. ABL is here for the long term.
OWC is here for the long term. We believe in what we're doing is the right way ahead. Like I said, we are starting to see some light at the end of the tunnel in offshore wind. If you look into oil and gas, that's also been a bit of a mixed bag over 2024. We monitor both CapEx and OpEx spending. In particular, we look at the rig counts and the rig fleet utilization. There is a decline in the rig fleet utilization. At one point at the end of last year, middle of last year, everything was going rock and roll in the rig-related activity. All of a sudden, you saw Saudi Aramco drop some of their rigs and then a further drop in rigs and so on. Those rigs have been redistributed. They've gone into Asia.
Some of them have gone to West Africa. It's even gone down to Brazil. The activity is there. It shows a small decline in terms of the floater side of the business, relatively flat. Overall, the business is still very healthy going forward. I'm listening to other stories around the globe of how you see the rig utilizations, and it looks quite steady going into 2025. The same on the spending as well. There's still a lot of projects which are in flow at the moment. There's some new projects going on in other parts of the globe. Australia is still very strong. Brazil is still very strong. The North Sea here in Norway is very strong. We still see the outlook as being very positive in the oil and gas side of the business going into 2025.
To wrap up in a summary, it was a bit of a mixed bag. I think 2024 for ABL Group was a mixed bag. Between a very volatile oil and gas market, between a decline in the offshore wind market, we had to take change. We had to at times put the brakes on and make those changes. We have done that. The question is, did we do it early enough? The answer is probably no. We have made those changes, and we continue to make those changes to get our EBIT and our EBIT margin up. We have had an increase from Q3 over Q2, Q4 over Q3, and we go and we are very positive with the way things are going into 2025.
I think with the fact that we've announced the dividend subject to the AGM being an increase next year tells you how we believe in our operations and how we believe in the market. The renewable market is still not through all the downturn yet. There are still a lot of things to be done, particularly in the offshore wind space, but we are seeing fruit coming through. The oil and gas space just continues. Whether or not it be in Australia or Brazil or the Middle East, we're still seeing good action. There's a lot of things that we need to do. We're going to integrate Hidromod, one of our acquisitions last year. We're going to integrate Proper Marine. We're going to close and then integrate Techconsult. We continue to look for acquisitions. We continue to look for the ability to buy more companies.
One of the other actions, which is not on here, was that actually the last three or four acquisitions, we've actually funded with our own cash. We haven't gone out to the market. We haven't raised additional funding. We've used our own cash, which is different than where we were a couple of years ago, where we were going out to get that funding. Mixed bag for 2024, mixed bag for Q4, but there is improvement. We continue to see the signs of that improvement going into 2025. That's how we'll end. I don't know if there's any questions online or questions from the room, but thank you very much for your attention this morning.
We can start with the questions online. Could you provide some more color on the relatively weak margin in the ABL segment?
That was these actions which maybe we should have taken. The oil and gas market is a good market. It's a strong market. It's a positive market, but it's had its ups and downs. Like I said, you had Saudi Arabia looks like the rock star and then boom, 30-odd rigs go out of the market. We recruited and we continue to recruit. You see the headcount continue to recruit in Q3, Q4, Q2. Every quarter we continue to increase that headcount for the market that we see and saw ahead. At the same time, there were some moving of rigs. Some of the projects went a little bit to the right, and that immediately started to see a downturn in our utilizations. You know, a downturn of 4%-5% in our utilization makes a big impact on EBIT.
It is a mix between we continue to recruit and then we saw a decrease in our utilization. Now we have had to make that change going into 2025 to get that utilization back up again. The action, should we have recruited as fast as we did? Should we have continued that recruitment in line of how we saw the market? I think the answer is yes. The question still is, you know, should we recruit as fast? We have got to get the utilization back up again. That is the reason why we had the decrease in the EBIT of ABL.
The next one, ABL has been on a steady decline in terms of EBIT in the last four quarters. Is this a trend?
It looks like a trend, obviously. Like I said, if we had not done that recruitment, the EBIT, actually the margin in particular, would have gone up and the EBIT would have gone up. We had brought on more headcount to take what we believed is the market. If I look at the, we do not break it down here, but if I look at the segments, the regions of ABL, ABL Asia is doing very, very well. ABL in the Middle East is doing very, very well. ABL in Europe has been quite steady, but we have seen a decline across the Americas. We have been impacted as well by the bad debt provision in the Americas also. It is not a decline of ABL. I will not say that, and I will not say that there is a decline in ABL overall.
What I will say is there's been peaks and troughs in the regions of ABL, and we're having to deal with that, make those changes. Those changes are being implemented now. It is not a trend. It looks like a trend, but it's not. We are doing the right things to fix it, to get our utilizations back up, and to get our EBIT back up. We will put a lot of focus on that going into 2025.
You have done a string of acquisitions over the last few years. Revenues and share counts are increasing, but net profits are falling. Is there something wrong with the operational model?
No, we wouldn't do the acquisitions if we didn't think it was good for our model. We need to take away, if you look at what we do, when we buy an acquisition, why do we do it? We do it because we want to strengthen our position in a particular market. We want to strengthen our position in a particular region. If you look at the acquisition of Proper Marine into Longitude, we continue to strengthen Longitude. If you look at the acquisition of Ross Offshore into AGR, it strengthens AGR's position. Any acquisition you do takes time. It's not you flick a switch, you get an acquisition, you get the EBIT, all is great. It takes time. You've got to integrate a company. You've got to integrate the cultures of a company. You will see that coming through.
We've done three or four acquisitions in the last 12 months. We've made the right acquisitions to continue to grow our business. At the same time, we were recruiting people organically. You have the organic growth and you have the inorganic growth. Maybe we recruited too fast. Maybe we recruited too hard. That's impacted our EBIT. That's down to our performance and that's down to us to make those changes. Myself and the management of ABL Group will continue to make those changes to get our EBIT back up. The acquisitions we're doing are the right acquisitions to really put our footprint in the sand for whatever it is that we do, whether or not that's in the AGR segment or engineering segment. We will continue to do it, but we need to continue to monitor our utilizations as well.
I think we have covered the questions online, so we can open up for questions from the audience.
I could start. It sounds like you're more optimistic to the offshore wind market now, and you reaffirmed the view of a market upturn in the second half of 2025. How should we think about the OWC margin going forward through the year?
We have set a target. I'll tell you exactly what that target is. We have set a target. It is not zero. It is not to be loss-making. It is not to be in the single low digits. That is not what we want as an organization. We have had to make the change. We have had to remove people from the organization. I'm not sure yet the offshore wind has flicked a switch and back on the way up. We have been better at the way we do our business. There is light at the end of the tunnel offshore wind. If you look at the bidding, there is a big ramp up in bidding. There is a big ramp up in our win rate. I do not think offshore wind is out of it. I think they have hit the bottom.
I think we're starting to see offshore wind come out of where they were. It's the first major downturn in offshore wind ever. Solar's been through it. Onshore wind has been through it. But offshore wind has never been through it. This is offshore wind coming out and fixing themselves. That's not only for OWC, but for the offshore wind market generally. I think it is better. I still believe that the second half of the year, we will see some improvement. I see our own winning, and I see our own bidding. That's how I can gauge it, not necessarily on the results. The results are the action of us reducing headcounts or increasing utilization. Going forward, what's going forward is important. The win rate that we have and the bidding that we have shows an improvement.
That is why we're more positive about it. It is not to be running at zero. It is not to be running at low single digit EBIT. That is not the plan of this company. We need to make those adjustments to get to where we want to be. It is not where it is now. Without guiding you, which I'm not prepared to do yet, we need to see more improvement. We will continue to make the changes.
One final one from me. Going off the OWC question, you have taken measures in cutting costs and reducing headcount. Can you elaborate a little bit more about what cost measures you've implemented and are trying to implement?
It's not one. I mean, there's so many. We're across, what, 44-45 countries now. There are a lot of things that you can do. First of all, the main one is utilization. We've got to get our utilization up. That's the key to this. There are a lot of cost-saving measures that we can take. The way we can be more efficient with the way we use our time. Obviously, there are travel costs. There are a lot of different costs that you can do that we want to try and clean up. Going to conferences, flights, and so on. Use our network better. The main cost saving is to reduce some of that headcount and get us more utilized. It's all about the utilization. 1% utilization makes a huge difference for this company. We've got to get this utilization up. That's the change that we're making right now.
We've started making it in Q3. We've made more changes in Q4. We'll continue to make in Q1. That's the main thing. The question is, should we have started earlier? I think we have to put our hands up as a management and say that we didn't take the change quick enough. We're doing it now. We started it in Q3. We're doing more in Q4. Other cost-saving measures are there as well. Travel, general overhead, systems, HR, IT, all the other things which are there just to keep cleaning up that cost. Even when you acquire a company, you merge offices. I don't know how many legal entities this company's had. Hundreds of legal entities as we continue to buy companies. You've got to clean up this. Every legal entity has audit fees. Every legal entity has finance fees and bank accounts.
Got to keep cleaning them up. Reduce this overhead within the organization. That is happening as well at the moment.
Yeah. You seem to have paid a pretty good price for these two acquisitions. What will you do going forward? Is there a lot of cost to be taken out?
Proper Marine in Brazil is standalone in Brazil. It is going to be integrated into Longitude. We can't bring the two offices together. It's not possible. If you look at Proper Marine's office, I mean, in terms of integrating them, it's not like we can get one big office overnight. That's not going to happen. I'm not sure there's a lot of cost savings necessarily with Proper Marine. Yes, they'll come onto our IT system. Yes, they will come into our ERP system and so on. There won't be a lot of cost savings in Proper Marine. The main thing for Proper Marine is, can you use them for the work we do in Singapore or in Asia and deliver it in Brazil? That's what we're going to get out of Proper Marine. Although I have to say, they're very busy with their own backlog and utilization.
It's actually very, very good in Proper Marine. I don't know how much capacity they will have. The question is, can we grow Proper Marine in Brazil to help the rest of Longitude? That's the plan for them. If you look at Techconsult, they're in Bergen. We're in Bergen. There will be some cost savings in bringing offices together. Not a lot. The main thing for Techconsult is to bring the databases. I think they have a database of 16,000, 17,000 people. When we merge the two databases, we'll have over 23,000 people in the database. It's not necessarily a cost savings when we get Techconsult. It's more about how can we grow the business, the revenues, and the EBIT we're bringing on Techconsult. Each one has a different thing. Some of them you can get more cost savings.
Some of them you get more synergy working together. I think in these cases, it's more about the revenue synergies than the cost savings. That's what I think. It won't stop us from trying to reduce costs. We'll do that as well if we can. I think they're limited in both cases.
In terms of the overall margin, I mean, you mentioned, or you did mention, not low single digit target for OWC and at the same time, 6.5% operating margin over the cycle, right? I mean, can you put any sort of timeline here to that? I mean.
Yeah, I mean, it's interesting. Just watching January as an example, Stuart talked about the lumpiness of the boat. This boat brings on a lot of revenue and very, very little margin. It is something that we're going to have to figure out as we keep presenting these figures to you. Obviously, Ross is a structurally different business than ABL. ABL should be back into the 20s. That's where they were. Ross is not going to be in 20%. That's not going to happen. AGR is not going to get to 20% EBIT margins. I think AGR and Ross together right now are actually doing quite well. If you remove the boat out of the numbers, that business is actually very good. If you look at when we bought them, they were down in the 3% margin, 3, 4%. They're now running at 7%.
If you remove the boat, it's even higher. I think that's doing quite well. Longitude goes up and down. One minute it's 35%, next minute it's 10%. It's a good business. It's a very solid business. We're going to try and remove some of these peaks and troughs by expanding Longitude. The ABL one is the one. Right now it's down in 15-16%. It needs to get back to 20%. I think when you combine all these businesses together, and of course, OWC has been running at zero. That's even been loss-making. If we can get that back to where it needs to be, even high single digit numbers, we'll get back to those numbers. We've said, I think, 6.5% is what we guided, correct? 6.5% through the cycle. We still believe that.
A lot of that, of course, now with AGR becoming the largest single revenue generator in the company, brings the overall margin down. There is no reason why we can't get this company back to where it needs to be with those four segments where they used to be. We need to make the change. Keep making the change. I think you look out the window, you see the renewables and the offshore wind space going really down. You see oil and gas, really, you're not quite sure what's happening day by day, whether or not you're in Brazil or Australia. Our job is to keep monitoring this, make the changes within the organization to get our margins back up. That is what we will aim on during 2025. Any other questions? Nope? Okay. We will stop there. Thank you very much, everyone.
I look forward to seeing you all again in a few months' time. Thank you.