NORBIT - Results for the second quarter of 2023
Trondheim, 15 August 2023: In the second quarter, NORBIT delivered another record performance. Revenues for the quarter came in at NOK 417.6 million, representing a growth of 32 per cent from the same period last year. The EBITDA result was NOK 127.2 million, which represents a margin of 30 per cent. All three business segments delivered growth compared to the corresponding quarter of 2022:
- Connectivity reported revenues of NOK 171.8 million, an increase of 107 per cent, largely driven by increased demand for On-Board Units. The EBITDA margin was 38 per cent in the quarter.
- Oceans delivered revenues of NOK 152.2 million driven by continued high activity within the sonar business, while the EBITDA margin was 38 per cent.
- Product Innovation & Realization (PIR) delivered NOK 101.6 million in revenues in the quarter, representing underlying growth of 26 per cent from second quarter 2022 when adjusting for customer reimbursements for extraordinary material costs. The EBITDA margin for the quarter was 22 per cent.
"Our organisation has delivered an average annual revenue growth of more than 30 per cent over the last 12 years. The results for the first six months of the year demonstrate our scalability and commitment to our core value number one: We deliver!", says Per Jørgen Weisethaunet, CEO of NORBIT.
The outlook for NORBIT remains positive, supported by continued high activity in all three business segments. In 2021, NORBIT announced an ambition to deliver revenues in excess of NOK 1.5 billion and an EBITDA margin above 25 per cent in 2024. Based on current outlook and forecasts, primarily due to Connectivity exceeding the revenue target, NORBIT is now aiming to achieve this already in 2023. The previous 2023 guiding was for revenues in excess of NOK 1.4 billion and margin improvement from last year.
"When we announced our 2024 target in August 2021, it felt like a stretch and audacious goal. We are proud to announce that we aim to reach the target already in 2023. This achievement is the result of our strong company culture and the great efforts of our hardworking and dedicated colleagues", says Per Jørgen Weisethaunet, CEO of NORBIT.
Attached is the report for the first half of the year and the presentation material.
CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the company's results today at 10:00. The presentation will be held at Sparebank1 Markets, Olav Vs gate 5, 0161 Oslo. It is also possible to follow the presentation via the following link:
For more information:
Per Jørgen Weisethaunet, CEO, 915
Per Kristian Reppe, CFO, 203
About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, and a worldwide sales and distribution platform.
For more information:
This information counts as insider information and must be disclosed in accordance with the Market Abuse Regulation and the Norwegian Securities Trading Act §5-12.
This stock exchange announcement was published by Elise Heidenreich, Investor Relations in NORBIT ASA, 15 August 2023 at 07.00 CEST.
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