Trondheim, 13 May 2020: NORBIT, a global provider of tailored technology to carefully selected niches, today reported revenues for the second quarter of 2020 of NOK 155.2 million, compared to NOK 169.7 million for the corresponding period of 2019. For the first half of 2020, the company had revenues of NOK 306.7 million, compared to NOK 327.3 million for the same period of 2019.
“I am pleased to see that we manage both to increase our revenues and improve our margins from the previous quarter, despite the challenges we experience in most aspects of our business following the pandemic. We see signs of improvement in several markets and regions, and the positive market response received on the recently launched WINGHEAD sonar confirms our strategy to invest in broadening our product portfolio,” says Per Jørgen Weisethaunet, CEO of NORBIT.
NORBIT achieved an EBITDA for the second quarter this year of NOK 29.5 million, corresponding to a margin of 19 per cent. For the same period last year, the company recorded an EBITDA of NOK 21.0 million, including one-off costs related to the initial public offering of the company.
NORBIT expects all three business segments to continue to be affected by the pandemic going forward, although it remains challenging to predict the level of impact across the various regions and markets. The new WINGHEAD sonar significantly expands the market potential and is expected to be a positive contributor to the sales for segment Oceans going forward.
“We still strongly believe in the untapped potential for our tailored technology, products and services in selected niches and we therefore choose to maintain our investment programmes to secure further growth,” Weisethaunet continues.
The board and management are closely monitoring the market developments, and continuously considering the potential need for capacity adjustments or cost reductions. As long as the challenges related to the pandemic persist, NORBIT expects revenues, EBITDA margin and R&D investments to deviate from the company’s long-term targets. However, NORBIT has a strong financial position and the diversified product offering targeting different industries and geographies, makes the company robust.
Please see the full report and presentation of the second quarter and first half of 2020 enclosed.
CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results today from 10:00 through a live webcast. The link to the webcast will available at the company’s website, www.norbit.com and it will be possible to view a recording of the webcast.