Trondheim, 6 May 2020: NORBIT, a global provider of tailored technology to carefully selected niches, today reported revenues for the first quarter of 2020 of NOK 151.6 million, down 4 per cent from the corresponding period in 2019. All the company’s business segments are somewhat affected by the covid-19 situation, whereas the Oceans segment is the most affected due to its´ global presence.
“I am pleased to see that we have managed to maintain production and delivered orders as requested by customers, despite the demanding conditions. Although I am not pleased with our results for the quarter, I am very pleased with the way our organisation has handled this challenging situation,” says Per Jørgen Weisethaunet, CEO of NORBIT.
Throughout 2019, NORBIT strengthened its organisation to position for growth, resulting in increased employee expenses. With a decrease in revenues for the first quarter this year, a less favourable product mix than the previous quarters and higher other operating expenses related to the covid-19, this resulted in a lower EBITDA for the first quarter, amounting to NOK 16.0 million.
“At this point in time, it is difficult to predict the longer-term consequences of covid-19. Still, we remain positive about our long-term market outlook, and it is therefore vital for us to maintain our strategy to invest in broadening our product portfolio, to make sure we are positioned for growth on the other side of this challenging situation,” Weisethaunet continues.
For 2020, it is expected that the revenues and the EBITDA margin will deviate from the company’s long-term targets. However, NORBIT has a strong financial position and its diversified product offering, targeting different industries and geographies, makes the company robust, the board of directors therefore maintains the long-term financial targets.
Please see the full report and presentation of the first quarter here:
CEO Per Jørgen Weisethaunet and CFO Stian Lønvik will present the results today from 10:00 through a webinar hosted by Sparebank 1 Markets. To participate, please register for the webinar by using the following link: https://attendee.gotowebinar.com/register/5033008285669072140
A recording of the webinar will be made available from the company’s website.
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 95962915
Charlotte Knudsen, IR and Communications, +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 and Røros, Norway and 12 offices and subsidiaries around the world.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.