NORBIT ASA – Continued profitable growth for the third quarter of 2019

Trondheim – NORBIT, a global provider of technology tailored to carefully selected niches, today reported revenues for the third quarter of 2019 of NOK 154.4 million, representing a revenue growth of 46 per cent from the corresponding period in 2018. For the first nine months of 2019, revenues were NOK 481.7 million, up 55 per cent from the same period in 2018. Deliveries of products on major long-term contracts announced the first half of 2019 has enabled a significant part of the growth.

“We are delivering another quarter with profitable growth and we invest in expansion of our product offering as well as increased production capacity to prepare grounds for continued profitable growth also in the future,” says Per Jørgen Weisethaunet, CEO of NORBIT.

NORBIT’s EBITDA was NOK 38.5 million for the quarter, up from NOK 20.3 million for the same quarter last year, corresponding to a margin of 25 per cent. For the first nine months this year, the EBITDA amounted to NOK 109.6 million, compared to NOK 47.7 million for the corresponding period in 2018.

NORBIT’s financial targets includes a 3-year revenue CAGR of more than 25 per cent starting from 2017 and a long-term ambition of an EBITDA margin of more than 20 per cent.

NORBIT maintains its previously communicated expectations for all segments for the second half of 2019. For the Ocean segment, revenues and margins are expected to be in line with the first half of the year, while segment ITS’ revenues are expected to be higher. Segment PIR’s revenues are expected to be lower than that of the first half of the year, mainly due to allocation of more of the company’s production capacity to segments Oceans and ITS, resulting in less capacity for contract manufacturing.

Please see the full report for the third quarter of 2019 and the presentation of the results here.

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