ROBIT PLC PRESS RELEASE 18 FEBRUARY 2021 AT 11.15 A.M.
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 was able to implement the efficiency measures launched during the spring well and the savings were mainly realized already in the second half of the year. Robit now has a good structure for developing the company towards strategic goals, and the company is moving from the stage of structural changes to the stage of continuous improvement and growth. Robit now focuses on growth and the implementation of product margin improvement projects. The current fixed cost structure supports the company’s next growth stage without significant increases. Ensuring product availability is key to the company’s growth and profitability development, and Robit will continue to develop the related business processes. The company’s Top Hammer business as a whole and individual product groups in the Down the Hole business have developed strongly and the outlook remains bright. As a result, Robit is bringing forward investment plans in Lempäälä and Korea. The company expects, however, that the investments will remain below depreciation and that the proportion of depreciation in relation to net sales will decrease”, states Tommi Lehtonen, Group CEO.
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.
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Nasdaq Helsinki Ltd
Robit is a strongly internationalized growth company servicing global customers and selling drilling consumables for applications in underground and surface mining, construction, geotechnical and well drilling. The company’s offering is divided into two product and application groups: Top Hammer, Down the Hole and Geotechnical. Robit has own sales and service points in 9 countries as well as an active sales network in over 100 countries. Robit’s manufacturing units are located in Finland, South Korea, Australia and the UK. Robit’s shares are listed on Nasdaq Helsinki Ltd. Further information is available at: www.robitgroup.com.