NORBIT ASA – Continued profitable growth for the third quarter of 2019
October 29, 2019 | Charlotte Knudsen
Trondheim, 29 October 2019: NORBIT, a global provider of tailored technology 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.