NORBIT - Fourth quarter and preliminary annual results 2022

Trondheim, 15 February 2023: NORBIT reported record high revenues of NOK 347.3 million in the fourth quarter of 2022, an increase of 40 per cent compared to the corresponding period of last year. For the full year, revenues increased by 48 per cent to NOK 1 167.5 million.

The EBITDA result was NOK 66.5 million in the fourth quarter, and NOK 235.3 million for the full year, corresponding to a margin of 19 and 20 per cent, respectively. The board of directors proposes a dividend of NOK 0.70 per share for the fiscal year 2022, in line with the dividend policy.

Per Jørgen Weisethaunet, CEO of NORBIT:  

"Our highly dedicated workforce continues to deliver value to our customers, partners and stakeholders. We are proud to report the highest revenues in the company’s history, with all business segments contributing to the positive development. We are working tenaciously, every day, to build a global technology company that is on a mission to deliver consistent profitable growth.”

"The strong numbers reported are also a result of conscious strategic priorities, including significant investments, in R&D to broaden our product offering, in increased production capacity and in people and organization. These have proven to be good priorities.”

NORBIT is experiencing high activity at the beginning of 2023, and the order backlog is strong. The revenue target for 2023 exceeds NOK 1.4 billion, supported by growth in all three business segments, with margins expected to improve further.

“We are on track to fulfill the ambition of delivering organic revenues in excess of NOK 1.5 billion and an EBITDA margin above 25 per cent in 2024. Each segment is experiencing tailwinds, supported by favorable market drivers”, Weisethaunet adds.

Attached is the report for the fourth quarter and the presentation material.

For further queries, please contact:

Per Jørgen Weisethaunet, CEO,

Per Kristian Reppe, CFO,  203

About NORBIT ASA

NORBIT is a global company providing tailored technology to selected applications by solving challenges 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 (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides tailored wireless solutions for identification, monitoring and tracking. The PIR segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT has around 450 employees, with headquarter in Trondheim, R&D and manufacturing in Norway and Hungary, 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 February 2023 at 07.00 CET.

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