NORBIT - Fourth quarter and preliminary annual results 2021
Trondheim, 15 February 2022: NORBIT reports record high revenues for the fourth quarter of 2021 of NOK 248.9 million, an increase of 54 per cent compared to the same period last year. For the full year, revenues increased by 27 per cent to NOK 787.8 million. EBITDA doubled from last year to NOK 41.5 million in the quarter, representing a margin of 17 per cent, and NOK 142.6 million for the full year and a margin of 18 per cent. The board proposes a dividend of NOK 0.30 per share, in line with the dividend policy.
“In 2021, we came back on our profitable growth trajectory with good progress across all three business segments. The activity level is high despite challenges related to the pandemic and supply shortage of components, and we are optimistic about future prospect with a target to deliver revenues in excess of NOK 1 billion this year,” says Per Jørgen Weisethaunet, CEO of NORBIT.
Segment Oceans delivered a record fourth quarter with revenues of NOK 116.6 million and NOK 378.5 million for the full year, and an EBITDA margin of 32 and 35 per cent respectively. The Winghead sonar family was a strong contributor to the revenue growth during the year, representing almost 25 per cent of the sonar sales.
Segment Connectivity, consisting of sub-segments Intelligent Traffic Systems (ITS) and Smart Data, reported NOK 64.6 million in revenues in the fourth quarter and an EBITDA margin of 19 per cent, while full-year revenues amounted to NOK 146.3 million and an EBITDA margin of 16 per cent. Segment Product Innovation & Realization (PIR) delivered NOK 76.5 million in revenues in the quarter and NOK 291.0 million in 2021, and an EBITDA margin of 3 and 6 per cent respectively.
“We see two major trends where NORBIT is well-positioned: The Blue Economy and the digital transformation. For ocean industries we offer solutions for exploring below the ocean surface, maintenance and construction of infrastructure, protecting marine biodiversity and ensuring safe operations at sea, while both Connectivity and PIR are specialised within electronics and innovations which is at the core of the transition towards a digital future,” says Weisethaunet.
In 2022, NORBIT expects its R&D investments to be NOK 50-60 million, while investments in fixed assets are anticipated to be NOK 40-50 million. The increase from 2021 reflects investments in two production lines to support underlying demand from existing and new customers.
The target for 2022 is to deliver revenues in excess of NOK 1.0 billion, supported by growth in all three business segments. Longer term, NORBIT has set out an ambition to deliver organic revenues of NOK 1.5 billion and an EBITDA margin above 25 per cent in 2024.
NORBIT’s Board of Directors proposes a dividend for the fiscal year 2021 of NOK 0.30 per share, representing 36 per cent of the reported net income, in line with the dividend policy.
CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results today at 10:00 CET through a webinar hosted by SpareBank1 Markets. Please use the following link to register for the webinar: https://attendee.gotowebinar.com/register/4720314889047730960.
For more information, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT
NORBIT is a global provider of tailored technology to selected niches, 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 encompasses NORBIT's technology within low power wireless solutions both related to electronic vehicle identification for tolling and tachograph enforcement, together with a new vertical comprising of the recently acquired Hungarian software solutions provider iData, as well as NORBIT's initiatives within Connected Solutions in selected niche applications. The PIR segment offers R&D services, proprietary products and contract manufacturing to key customers.
NORBIT is headquartered in Trondheim with manufacturing in Norway, has around 400 employees and a worldwide sales and distribution platform.
For more information: www.norbit.com
The information is such that NORBIT is required to disclose in accordance with the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
The information was submitted for publication by Elise Heidenreich, Investor Relations at NORBIT ASA, on 15 February 2022 at 07:00 CET.
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