NORBIT - Results for the third quarter of 2022
Trondheim, 11 November 2022: In the third quarter, NORBIT delivered revenues of NOK 269.7 million and an EBITDA result of NOK 47.2 million. Revenues grew by 35 per cent from the third quarter of 2021, and NORBIT is now increasing its full-year revenue target for 2022.
“All business segments contributed to profitable revenue growth in the quarter, and we deliver the second highest quarterly revenues ever. For the year-to-date period, we have generated revenues of NOK 820.2 million, corresponding to 52 per cent growth from last year, and an EBITDA margin 21 per cent. We increase our full-year revenue target to exceed NOK 1.1. billion”, says Per Jørgen Weisethaunet, CEO of NORBIT.
“Our ambition to deliver organic revenues of NOK 1.5 billion and an EBITDA margin above 25 per cent in 2024 stands firm, supported by some key drivers and strategic initiatives within the business units. As an example, subsurface navigation and seabed mapping for inspection continues to be a growing market for Oceans’ sonar platform, in particular towards the renewable energy market and for underwater surveillance applications,” Weisethaunet adds.
The Oceans segment delivered revenues of NOK 103.8 million, up from NOK 91.8 million in the third quarter of 2021. The increase in revenues from last year was driven by higher sonar sales. The positive development is also a result of Oceans making good progress in capturing value from broadening the product portfolio. The EBITDA margin was 26 per cent.
The Connectivity segment reported revenues of NOK 80.7 million, up 76 per cent from NOK 46.0 million in the corresponding quarter of 2021. Growth was primarily driven by increased demand for secure, wireless communication for vehicle identification. The EBITDA margin was 24 per cent.
The Product Innovation & Realization (PIR) segment reported NOK 96.0 million in revenues in the third quarter, up 40 per cent from the corresponding quarter of 2021. Contract manufacturing and R&D products and services both reported strong growth. The EBITDA margin for the quarter was 12 per cent.
The outlook for the fourth quarter is positive and activity is expected to remain high. For segment Oceans, the last three months of the year have historically been the period with highest activity and Oceans is expected to deliver growth compared to the fourth quarter of last year. Connectivity is benefiting from strong demand for DSRC products and is expected to deliver revenues of NOK 70 – 75 million in the fourth quarter. Segment PIR is expected to deliver growth in revenues compared to third quarter this year, as well as fourth quarter last year.
NORBIT's long-term ambition is to deliver organic revenues of more than NOK 1.5 billion and an EBITDA margin of over 25 per cent in 2024.
Attached is the report for the third quarter and the presentation material.
CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the company's results today at 10:00. The event will take place at SpareBank1 Markets in Olav V’s gate 5 in Oslo. In order to register your attendance, please send an email to: [email protected]. It is also possible to follow the presentation via the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20221111_5
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 niches, 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 (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. 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
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, 11 November 2022 at 07.00 CET.
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