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Results for the third quarter of 2020

NORBIT today reported revenues for the third quarter of 2020 of NOK 150.0 million, compared to NOK 154.4 million for the corresponding period of 2019. The Oceans segment had a strong quarter, delivering all-time high revenues and a 64 per cent growth year over year. On the contrary, the ITS segment had a challenging quarter as expected, remaining impacted by the pandemic. The company’s PIR segment delivered revenues in line with the corresponding quarter of 2019 and a slightly improved EBITDA margin.

“The results this quarter demonstrate that our diversified product offering, targeting different industries and geographies, make us robust. The strong results for segment Oceans are driven by our organization’s ability to deliver to a global market and successfully introduce new products, despite challenging market conditions,” says Per Jørgen Weisethaunet, CEO of NORBIT.

For the third quarter of 2020, NORBIT achieved an EBITDA of NOK 28.2 million, corresponding to a margin of 19 per cent. For the same period last year, the company recorded an EBITDA of NOK 38.5 million.

“Normally, we would expect growth in all segments year over year. However, given the challenging times and in particular the impacts from travel restrictions, we are satisfied to deliver revenues in line with the corresponding quarter last year. We remain positive about our long-term market outlook and work actively to broaden our product portfolio to secure further growth,” Weisethaunet continues.

The company’s diversified business model combined with the ability to successfully introduce new products has proven sustainable also during this demanding period. The board remains positive about the long-term market outlook and, based on the company’s solid financial position, the board executes the authorization given by the annual general meeting, to resolve an additional dividend distribution, to be paid in the fourth quarter, of NOK 0.30 per share based on the annual accounts for 2019. With this, the total dividend distribution for the annual accounts for 2019 will be NOK 0.60 per share, in line with the general meeting’s decision and authorization of 4 May 2020.

To see the full report and presentation, download the documents: Third quarter 2020 financial results

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results today from 10:00 through a live webinar hosted by Sparebank1 Markets. To participate, please register for the webinar by using the following link: Webinar Third quarter of 2020 The webcast will be available from company’s website, www.norbit.com and it will be possible to view a recording of the webcast.

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 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, with manufacturing facilities in Selbu and Røros, Norway and 14 offices and subsidiaries around the world.