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NORBIT – Results for the second quarter and first half of 2020

Trondheim, 13 August 2020: NORBIT, a global provider of tailored technology to carefully selected niches, today reported revenues for the second quarter of 2020 of NOK 155.2 million, compared to NOK 169.7 million for the corresponding period of 2019. For the first half of 2020, the company had revenues of NOK 306.7 million, compared to NOK 327.3 million for the same period of 2019.

“I am pleased to see that we manage both to increase our revenues and improve our margins from the previous quarter, despite the challenges we experience in most aspects of our business following the pandemic. We see signs of improvement in several markets and regions, and the positive market response received on the recently launched WINGHEAD sonar confirms our strategy to invest in broadening our product portfolio,” says Per Jørgen Weisethaunet, CEO of NORBIT.

NORBIT achieved an EBITDA for the second quarter this year of NOK 29.5 million, corresponding to a margin of 19 per cent. For the same period last year, the company recorded an EBITDA of NOK 21.0 million, including one-off costs related to the initial public offering of the company.

NORBIT expects all three business segments to continue to be affected by the pandemic going forward, although it remains challenging to predict the level of impact across the various regions and markets. The new WINGHEAD sonar significantly expands the market potential and is expected to be a positive contributor to the sales for segment Oceans going forward.

“We still strongly believe in the untapped potential for our tailored technology, products and services in selected niches and we therefore choose to maintain our investment programmes to secure further growth,” Weisethaunet continues.

The board and management are closely monitoring the market developments, and continuously considering the potential need for capacity adjustments or cost reductions. As long as the challenges related to the pandemic persist, NORBIT expects revenues, EBITDA margin and R&D investments to deviate from the company’s long-term targets. However, NORBIT has a strong financial position and the diversified product offering targeting different industries and geographies, makes the company robust.

Please see the full report and presentation of the second quarter and first half of 2020 here:

Second quarter and first half 2020 report

Second quarter 2020 presentation

For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 9596 2915
Per Kristian Reppe, CFO, +47 900 33 203
Charlotte Knudsen, IR and Communications, +47 9756 1959

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) offering R&D services and contract manufacturing to key customers.

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.