Results for the second quarter of 2022
Trondheim, 12 August 2022: In the second quarter, NORBIT delivered its strongest financial performance to date. Revenues for the quarter came in at NOK 315.3 million, representing a growth of 66 per cent from the same period last year, and the EBITDA result was NOK 77.7 million, which represents a margin of 25 per cent.
“In the second quarter, all business segments reported all-time high revenues, and first half of the year has moved forward according to plan. We are on track to deliver on our target to report revenues in excess of NOK 1.0 billion for 2022, supported by the fact that we over the last twelve months have generated revenues of NOK 1.0 billion”, says Per Jørgen Weisethaunet, CEO of NORBIT.
The Oceans segment delivered revenues of NOK 131.4 million and an EBITDA margin of 41 per cent. The 29 per cent 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 Connectivity segment reported revenues of NOK 83.0 million driven by strong demand for dedicated short-range communication technology and growth in recurring revenues in sub-segment Smart Data. The EBITDA margin was 24 per cent in the quarter.
The Product Innovation & Realization (PIR) segment delivered NOK 111.5 million in revenues in the quarter. The 42 per cent increase from last year is mainly explained by higher revenues from contract manufacturing. The EBITDA result came in at NOK 11.3 million, corresponding to a margin of 10 per cent.
The outlook for the third quarter is positive and activity is expected to remain high. The quarter has started on a positive note for segment Oceans, where the target is to deliver revenue growth compared to third quarter last year. In segment Connectivity, activity in the second half of the year is expected to remain at around the same level as in the first six months. PIR is expected to deliver revenues in the third quarter on par with that of second quarter, and up from third 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 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 Pareto Securities in Dronning Mauds gate 3, Oslo. It is also possible to follow the presentation via the following link: https://invitepeople.com/events/4c3f6ebe686e258f
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, 12 August 2022 at 07.00 CEST.
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