Trondheim, 14 February 2020: NORBIT, a global provider of tailored technology to carefully selected niches, today reported revenues for the fourth quarter of 2019 of NOK 186.5 million, representing a revenue growth of 46 per cent from the corresponding period in 2018. For the full year of 2019, revenues were NOK 668.2 million, up 52 per cent from 2018.
“We are delivering another strong quarter and very solid results for the full year. I am pleased to see that all our three business segments are contributing considerably to the growth for the year,” says Per Jørgen Weisethaunet, CEO of NORBIT.
NORBIT had an EBITDA of NOK 40.2 million for the quarter, up from NOK 27.1 million for the same quarter of 2018, corresponding to a margin of 22 per cent. For the full year, EBITDA amounted to NOK 149.7 million, up from NOK 74.8 million for 2018.
“We strongly believe in the untapped potential for our sonar technology in segment Oceans and the opportunities that exist in expanding to new sub-markets. We therefore allocate a significant part of our R&D investments in broadening the product offering in Oceans,” Weisethaunet continues.
In the ITS segment, NORBIT has a strong position as an independent supplier of dedicated short-range communication solutions to both automotive and satellite-based tolling. In the short-term, NORBIT expects some lower visibility in orders from automotive, due to the expected decline in the demand for heavy trucks in 2020, although the longer-term outlook remains attractive. In addition, as the interest for road pricing and distance-based taxation is intensifying, NORBIT is positive about the growth outlook for satellite-based tolling solutions.
The Board of Directors of NORBIT proposes a dividend of NOK 0.6 per share. The Board considers NORBIT’s financial capacity to be strong and the company’s diversified product offering across its segments, makes the company well positioned to utilize its growth strategy.
CEO Per Jørgen Weisethaunet and CFO Stian Lønvik will present the company’s results today at 10:00 a.m. CET at Arctic Securities, in Haakon VIIs gate 5 in Oslo, Norway.
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 95962915
Stian Lønvik, CFO, +47 40451102
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.