Skip to main content

NORBIT – Results for the first quarter of 2020

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Trondheim, 6 May 2020: NORBIT, a global provider of tailored technology to carefully selected niches, today reported revenues for the first quarter of 2020 of NOK 151.6 million, down 4 per cent from the corresponding period in 2019. All the company’s business segments are somewhat affected by the covid-19 situation, whereas the Oceans segment is the most affected due to its´ global presence.“I am pleased to see that we have managed to maintain production and delivered orders as requested by customers, despite the demanding conditions. Although I am not pleased with our results for the quarter, I am very pleased with the way our organisation has handled this challenging situation,” says Per Jørgen Weisethaunet, CEO of NORBIT.Throughout 2019, NORBIT strengthened its organisation to position for growth, resulting in increased employee expenses. With a decrease in revenues for the first quarter this year, a less favourable product mix than the previous quarters and higher other operating expenses related to the covid-19, this resulted in a lower EBITDA for the first quarter, amounting to NOK 16.0 million.“At this point in time, it is difficult to predict the longer-term consequences of covid-19. Still, we remain positive about our long-term market outlook, and it is therefore vital for us to maintain our strategy to invest in broadening our product portfolio, to make sure we are positioned for growth on the other side of this challenging situation,” Weisethaunet continues.For 2020, it is expected that the revenues and the EBITDA margin will deviate from the company’s long-term targets. However, NORBIT has a strong financial position and its diversified product offering, targeting different industries and geographies, makes the company robust, the board of directors therefore maintains the long-term financial targets.Please see the full report and presentation of the first quarter of 2020 enclosed.CEO Per Jørgen Weisethaunet and CFO Stian Lønvik will present the results today from 10:00 through a webinar hosted by Sparebank 1 Markets. To participate, please register for the webinar by using the following link: https://attendee.gotowebinar.com/register/5033008285669072140A recording of the webinar will be made available from the company’s website.For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 95962915
Charlotte Knudsen, IR and Communications, +47 9756 1959About NORBIT ASA
NORBIT is a global provider of tailored technology to carefully selected niches. The company’s business is structured to address its key markets; Oceans, targeting the global maritime markets, Intelligent Traffic Systems (ITS), offering connectivity solutions for truck applications, and Product Innovation and Realization (PIR), with in-house multidisciplinary R&D and manufacturing.NORBIT is headquartered in Trondheim, Norway, with manufacturing facilities in Selbu and Røros, Norway and 12 offices and subsidiaries around the world.For more information: www.norbit.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
AttachmentsNORBIT_Q120 presentationNORBIT_Q120 report

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.