Trondheim, 22 August 2019: NORBIT, a global provider of tailored technology to carefully selected niches, today reported revenues for the second quarter 2019 of NOK 169.7 million, representing a revenue growth of 47 per cent from the corresponding period in 2018. For the first half of 2019, revenues were NOK 327.3 million, up 59 per cent from the same period in 2018. Deliveries of new products on major long-term contracts announced in the first half of 2019, including Continental Automotive and the German company Toll Collect, has enabled a significant part of the growth.
“We deliver all-time high revenues with profitable growth in all our segments. At the same time, we are excited about the opportunities ahead. Following, the listing of NORBIT on Oslo Børs in June, we are on track on our long-term goal. We are ready to explore more,” says Per Jørgen Weisethaunet, CEO of NORBIT.
The group’s adjusted EBITDA was NOK 40.4 million for the quarter and NOK 79.7 million for the first six months, corresponding to a margin of 24 per cent in both periods and an increase from NOK 21.4 million and NOK 27.4 million in the comparable periods last year.
NORBIT has announced long term financial targets with a 3-year revenue CAGR of more than 25 per cent and an EBITDA margin of more than 20 per cent.
In the second half of 2019, NORBIT expects revenues and margins for the Oceans segment to be on approximately the same level as in the first half of the year, while the growth in segment Intelligent Traffic Systems (ITS) is expected to continue into the second half of 2019. Segment Product Innovation & Realization (PIR) will focus on increasing the production capacity, including investing in expansion of facilities and new machinery.
Please see the full report here: Report for Q2 and 1H 2019
CEO Per Jørgen Weisethaunet and CFO Stian Lønvik will present the company’s results today at 10:00 a.m. CET at Arctic Securities, Haakon VIIs gate 5, Oslo, Norway.
For further queries, please contact:
Per Jørgen Weisethaunet
IR and Communications NORBIT
+47 9756 1959
About NORBIT ASA
NORBIT is a global provider of tailored technology to carefully selected niches. The company’s business is structured to address its key markets; Oceans, targeting the global maritime markets, Intelligent Traffic Systems (ITS), offering connectivity solutions for truck applications, and Product Innovation and Realization (PIR), with in-house multidisciplinary R&D and manufacturing.
NORBIT is headquartered in Trondheim, Norway, with manufacturing facilities in Selbu, Røros and Trondheim, Norway and 12 offices and subsidiaries around the world.
For more information: www.norbit.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.