PROFITABILITY IMPROVED FROM THE BEGINNING OF THE YEAR
ROBIT PLC PRESS RELEASE 23 OCTOBER 2023 AT 11.15 EEST
PROFITABILITY IMPROVED FROM THE BEGINNING OF THE YEAR
Market demand remained at the level of the second quarter, but lower than in the comparison period. Orders received totaled EUR 24.9 million, down by 9.7 per cent from the comparison period. Orders received were at a higher level compared to the first two quarters of the year.
Robit net sales for the third quarter were EUR 23.7 million (28.4), down 16.6 per cent on the strong comparison period. In constant currencies, there was a decrease of 11.6 per cent. The company's net sales grew in the Australasia and EMEA regions.
Comparable EBITDA for the third quarter was EUR 1.5 million (3.5), clearly below the strong comparison period. However, thanks to the savings measures already implemented, the company's profitability continued to improve compared to the first two quarters of the year.
“The company's measures are now focusing particularly on clarifying operations as well as improving profitability and competitiveness. The closure of manufacturing in Australia is part of this restructuring. In addition, the company will in future sell products only under Robit brand. Previously, the company has been active in the Down the Hole business under both the Robit and Halco brands. This brand change makes it possible to clarify both the organization, the company structure, and the product offering”, states Group CEO, Arto Halonen.
Robit Plc expects its net sales for 2023 to be EUR 90–100 million and its comparable EBITDA profitability in euros to be EUR 3–6 million.
Arto Halonen, Group CEO
+358 40 028 0717
Nasdaq Helsinki Ltd
Robit is a strongly international growth company servicing global customers and selling drilling consumables for applications in mining, construction, geotechnical engineering and well drilling. The company’s offering is divided into three product and service ranges: Top Hammer, Down the Hole and Geotechnical. Robit has sales and service points in seven countries as well as an active sales network in more than 100 countries. Robit’s manufacturing units are located in Finland, South Korea and the UK. Robit’s shares are listed on Nasdaq Helsinki Ltd. Further information is available at www.robitgroup.com.To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
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