Trondheim, 11 May 2021: NORBIT today reported revenues for the first quarter of 2021 of NOK 148.7 million, compared with NOK 151.6 million in the same quarter previous year. The company achieved an EBITDA for the quarter of NOK 17.7 million, representing a 12 per cent margin.
Oceans grew by 32 per cent in a seasonally slow quarter and revenues came in at NOK 68.5 million with an EBITDA margin of 31 per cent. PIR increased its revenues by 7 per cent to NOK 67.2 million, driven by higher sales of contract manufacturing and R&D services, and reported improved profitability.
“We are satisfied with the strong growth in both Oceans and PIR during the quarter. The demand for sonar systems is solid with Oceans delivering multiple WINGHEAD sonars to a leading global survey company. PIR experienced higher activity in contract manufacturing and following a certification for manufacturing of medical devices we are now ready to provide tailored products and solutions also to customers in the healthcare industry”, says Per Jørgen Weisethaunet, CEO of NORBIT.
The Intelligent Traffic Systems (ITS) segment delivered as expected a weak quarter with revenues of NOK 19.4 million and an EBITDA close to zero. As previously communicated, ITS is facing a challenging first half of 2021, but the outlook for second half is positive, where NORBIT expects a sharp increase in revenues and improved profitability.
“ITS received an initial order of NOK 50 million for delivery of On-Board Units in the second half of 2021 to a European insurance company. Today, we also announce the acquisition of iData, a Hungarian technology company that fits well with ITS’ strategy of building an additional subsegment within selected IoT/5G niche applications, with a subscription-based revenue model. Together we will create a broader platform for growth into the asset and vehicle tracking/monitoring market,” says Per Jørgen Weisethaunet.
For Oceans and PIR, the outlook for second quarter is strong, with activity remaining high. For Oceans, second quarter has historically been a seasonally strong quarter due to survey season and NORBIT expects revenues to grow quarter-over-quarter. For PIR, revenues are expected to grow from the first quarter, driven by high activity on contract manufacturing.
CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results today at 10:00 CET through a webinar hosted by Pareto Securities. Link to webinar may be found below or at https://norbit.com/investors/overview/, alternatively dial-in using the following details: +47 21 40 23 11 and conference-ID: 661833965#.
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
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 is offering tailored technology solutions to global maritime markets, Intelligent Traffic Systems (ITS) is offering connectivity solutions for vehicle identification and tracking, and Product Innovation and Realization (PIR) is offering R&D services and contract manufacturing to key customers.
NORBIT is headquartered in Trondheim, Norway. The company has manufacturing facilities in Selbu and Røros, Norway, and 15 offices and subsidiaries around the world.
For more information: www.norbit.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.