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Results for the fourth quarter of 2020

NORBIT today reported consolidated revenues for the fourth quarter of 2020 of NOK 162.1 million, compared with NOK 186.5 million in the same quarter previous year. Revenues for the full year ended at NOK 618.8 million, compared with NOK 668.2 million in 2019. The largest business segment, Oceans, has developed well in 2020 with a growth of 7 percent. The board proposes a dividend of NOK 0.30 per share.

Fourth quarter revenues for the Oceans business segment amounted to NOK 73.6 million, and for 2020 as a whole, the segment achieved revenues of NOK 267.2 million. The Intelligent Traffic Systems (ITS) segment increased its revenues by 82 percent from a demanding third quarter in 2020, while the Product Innovation & Realization (PIR) segment saw a revenue increase of 5 percent from the previous quarter.

NORBIT achieved an EBITDA of NOK 19.8 million in the quarter with an EBITDA margin of 12 percent. EBITDA for the full year was NOK 93.5 million, corresponding to a margin of 15 percent. In comparison, the group’s 2019 EBITDA came to NOK 149.7 million.

“2020 was an extraordinary year in which all our business areas felt the consequences of the world closing down. When the pandemic hit, we chose to maintain our investment plans while at the same time being very conscious of cost control in order to maintain our good solvency. We are now entering 2021 with a broader product range, good solvency, and a stronger organization. Production capacity has more than doubled”, says Per Jørgen Weisethaunet, CEO of NORBIT.

“Despite the fact that it has been a demanding year, we came out with relatively stable revenues. This proves that the company is robust, thanks to a diversified business model. It is particularly pleasant to see that our largest business area, Oceans, has grown, even in a challenging year where extensive travel restrictions have limited our international sales activity “, Mr Weisethaunet continues.

With the measures taken through 2020, NORBIT is well positioned for further growth and development. The ambitions for both organic and strategic growth remain unchanged. Based on the company’s strong financial position and positive outlook, the board proposes a dividend of NOK 0.30 per share for the 2020 financial year.

The complete interim report and presentation can be found at this page: Reports and presentations

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will be presenting the company’s results today at 13:00 CET via a webinar in collaboration with Sparebank1 Markets. To participate, please register at the following link: https://attendee.gotowebinar.com/register/2407378922757894160.

For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 9596 2915
Per Kristian Reppe, CFO, +47 900 33 203

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 14 offices and subsidiaries around the world.

For more information: www.norbit.com This information is subject of the disclosure requirements acc. To section 5-12 of the Securities Trading Act.