ROBIT PLC FINANCIAL STATEMENTS 1 JANUARY – 31 DECEMBER 2020: NET SALES, PROFITABILITY AND CASH FLOW IMPROVED DESPITE EXCEPTIONAL TIMES
In 2020, Robit’s net sales grew by 11 percent in constant currencies despite the COVID-19 restrictions. Robit’s profitability and cash flow developed likewise positively in the exceptional environment.
During the financial year, the company’s net sales grew by 6.0 percent to EUR 91.6 million (86.5). In constant currencies, the change was 10.8 percent. Simultaneously, Robit’s order intake grew by 8.1 percent and the company’s adjusted EBITDA improved to EUR 5.1 million (2.7). The operating cash flow for the financial year totalled EUR 4.3 million (0.4).
The last quarter of the year 2020 developed also positively as the company’s net sales grew by 6.9 percent on the comparison period and totalled EUR 23.7 million (22.2). In constant currencies, the company’s net sales grew by 14.1 percent. Simultaneously, Robit’s order intake grew by 24.4 percent and the company’s adjusted EBITDA improved to EUR 2.1 million (-0.3). The operating cash flow for the last quarter of the year totalled EUR 4.1 million (0.7).
Robit expects the market situation to develop positively and believes COVID-19 restrictions to have a limited impact on the demand of Robit’s products in 2021. Robit estimates 2021 net sales to grow and euro-dominated comparable EBITDA profitability to improve from 2020.
Robit is a strongly internationalized growth company servicing global customers and selling drilling consumables for applications in the mining, construction, geoengineering and well drilling industries. 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 9 countries and active sales networks in over 100 countries. Robit’s manufacturing units are located in Finland, South Korea, Australia and the UK.
Top Hammer Business
Top Hammer business comprises rock drilling consumables as well as digital products and services for drilling operations. Top Hammer products are mainly used in mining, underground quarrying, construction and quarrying of rock material.
Down the Hole Business
Down the Hole business comprises DTH consumables to ground drilling. The Down the Hole business is divided into two areas: DTH products serving the production drilling of the mining and excavation segment, and Geotechnical products specialising in the civil engineering and well drilling segment.