Robit Plc: Financial Review July – September 2019: Positive Development Continued Also During the Third Quarter

ROBIT PLC                           PRESS RELEASE                1.11.2019 AT 8.15

ROBIT PLC: FINANCIAL REVIEW JULY – SEPTEMBER 2019
POSITIVE DEVELOPMENT CONTINUED ALSO DURING THE THIRD QUARTER

As a result of the efficiency program, the company’s key priority areas – sales and cash flow – developed positively. Order intake grew by 17.7% relative to the comparison period and was EUR 22.5 million. Operating cash flow was EUR 1.9 million (-3.9). Robit’s effiency program is progressing and the implementation will continue throughout the year 2019.  

In the review period, mining industry demand was stable for drilling consumables, and demand is expected to remain at the current level. Regionally, there were indications in the Nordic countries of weaker market conditions in the cyclical construction industry. This has not yet impacted demand for Robit’s offering.

In the review period, the Group’s net sales grew by 6.8% year on year and totaled to EUR 22.2 million (20.8).  Comparable EBITA remained negative and was EUR -0.3 million (-1.2). 

The company’s profitability in the quarter was weakened by equipment sales losses, right-downs and non-recurring expenses totalling to EUR 0.9 million related to the restructuring of Halco’s operations. The cost savings will be realised in full from financial year 2020 onwards.

Sales growth projects progressed mainly as planned during the quarter. Robit’s key objective is to further increase of market share. In the current period, the company received the largest single project order in its history. Also the sales in Piling business developed particularly positively.

The company’s new structure presents an opportunity to increase sales without significant investment or cost increases and makes the Group more agile in responding to market changes.

ROBIT PLC

Tommi Lehtonen
Group CEO

Further information:
Tommi Lehtonen, CEO
Tel. +358 40 724 9143
tommi.lehtonen@robitgroup.com

Robit is a strongly internationalized growth company servicing global customers and selling drilling consumables for applications in mining, surface drilling and foundation, underground construction and well drilling. The company's offering is divided into two product and service ranges: Top Hammer and Down-the-Hole. Robit has 15 of its own sales and service points throughout the world as well as an active sales network in 115 countries. Robit's manufacturing units are located in Finland, South Korea, Australia, the UK and the USA. Robit's shares are listed on Nasdaq Helsinki Ltd. Further information is available at: www.robitgroup.com

Distribution: Nasdaq Helsinki Ltd
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