NORBIT – Results for the second quarter of 2024

Trondheim, 15 August 2024: In the second quarter, NORBIT recorded revenues of NOK 418.9 million, supported by strong growth in both the Oceans and the Product Innovation & Realization segments. The EBIT result was NOK 101.8 million, representing a margin of 24 per cent.

“We delivered strong operational and financial performance in the second quarter. In the quarter, we also reached important strategic milestones as demonstrated by the acquisition of Innomar, representing an attractive strategic fit and diversification of the Oceans segment,” says Per Jørgen Weisethaunet, CEO of NORBIT.

“The fact that a leading player like Toll4Europe has chosen to award NORBIT a first order worth NOK 160 million for the delivery of GNSS On-Board Units is truly exciting. This is a completely new product that we are currently developing. The first order, received in the second quarter, is scheduled for delivery in the second and third quarter next year from our factory in Røros. The product, a new GNSS On-Board Unit, contributes to efficient tolling solutions for trucks across borders in Europe. This is fully in line with our strategy to expand both our customer base and product offerings”, adds Weisethaunet.

• The Oceans segment reported all-time high revenues of NOK 195.5 million, representing an increase of 28 per cent from NOK 152.2 million in the second quarter of 2023. The increase was primarily explained by strong sonar sales in Europe. The EBIT margin for the segment was 41 per cent.
• The Connectivity segment reported revenues of NOK 101.4 million, compared with NOK 171.8 million in the corresponding quarter of 2023, when Connectivity delivered on a significant contract for On-Board Units. The EBIT margin for Connectivity was 20 per cent in the quarter.
• The Product Innovation & Realization (PIR) segment reported revenues of NOK 134.5 million, up from NOK 101.6 million in the corresponding quarter of 2023. The 32 per cent revenue increase was driven by strong growth from industrial clients within contract manufacturing. The EBIT margin was 13 per cent, a marked improvement from the prior quarter following normalisation of the gross margin.

“The result of this quarter is another testament to the robustness of our diversified business model, with uncorrelated business units,” says Weisethaunet.