NORBIT - Fourth quarter and preliminary annual results 2023

Trondheim, 15 February 2024: NORBIT delivered continued growth in the fourth quarter, reporting revenues of NOK 396.0 million, an increase of 14 per cent from the corresponding quarter in 2022, supported by underlying growth in all the three business segments.

For the full year, NORBIT delivered revenues of NOK 1 518.9 million, an increase of 30 per cent from 2022.

The EBITDA result was NOK 92.1 million in the fourth quarter, representing a margin of 23 per cent. The full year EBITDA was NOK 391.8 million, representing a margin of 26 per cent.

Considering the strong performance and NORBIT’s solid financial position, the board of directors proposes an ordinary dividend of NOK 1.55 per share. In addition, the board proposes an extraordinary dividend of NOK 1.00, bringing the total dividend to NOK 2.55 per share for the fiscal year 2023.

The target for 2024 is to deliver revenues of NOK 1.7 – 1.8 billion, supported by growth in all three business segments. The EBIT margin is targeted to be in line with the level reported in 2023.

"2023 was another record year for NORBIT, in which we were able to reach our 2024 targets one year early. As we continue to grow, we accumulate references and develop skills that qualifies us to take on larger opportunities going forward", says Per Jørgen Weisethaunet, CEO of NORBIT.

Concluding two consecutive strategy periods since the listing in 2019, NORBIT is now preparing for the next phase with an updated strategic roadmap and new long-term financial targets for 2027. The updated ambition is to deliver organic revenues in excess of NOK 2.75 billion and an EBIT margin of around 20 per cent. 

"It is very motivating to get started on a new ambition period. Setting new goals and working hard to reach them is what drives us. We are well positioned to benefit from mega trends such as the blue economy, digitalisation and increased demand for more technology “Made in Norway and Europe”," says Weisethaunet.

The long-term target is to deliver around 30 per cent return on capital employed, with capital allocation prioritised for maintaining a solid balance sheet, investing to support organic growth, strategic M&A, and shareholder distributions.

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

CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results at 09:00 am CET. The presentation will be hosted by Arctic Securities via a live webcast.

Please use the following link to register for the webcast:

https://forms.office.com/e/fakCZYG9K2

For more information:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

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 500 employees, and a worldwide sales and distribution platform.

For more information: www.norbit.com

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 2024 at 07.00 CET.

Attachments

• NORBIT Q4 2023 presentation and update on ambitions and long-term financial targets 2027
• NORBIT Q4 2023 report