ROBIT PLC PRESS RELEASE 25 APRIL 2019, AT 08.05
ROBIT PLC INTERIM REPORT: 1 JANUARY-31 MARCH 2019:
EFFICIENCY PROGRAM ADVANCED ACCORDING TO PLAN – ORDER INTAKE GREW BY OVER 30%
Robit will publish more comprehensive reports than before on a quarterly basis to provide its shareholders with better information on the company’s development.
Robit Plc’s order intake was EUR 23.2 million and compared with the previous quarter it grew by over 30% (EUR 17.6 million Q4/2018). The company is satisfied with sales development. Net sales totalled EUR 20.1 million (EUR 21.1 million Q1/2018) and therefore declined by 5% compared with the corresponding period Q1/2018. Net sales grew, however, by 7% compared with the previous quarter (EUR 18.8 million Q4/2018). Sales development in the early part of the year creates a promising foundation for the rest of 2019 and will facilitate the company’s return to a growth track.
The efficiency measures undertaken have improved profitability. Reported EBITDA improved compared with the corresponding period the previous year and was EUR 1.1 million. Excluding the impact of IFRS 16, EBITDA was EUR 0.6 million (EUR -0.5 million Q1/2018).
Robit’s efficiency program, which was launched in December, is continuing to advance according to plan. The programme is focused on four areas: developing the distributor network and the company’s own sales, better management of working capital, more effective use of factory network capacity and resources, and ensuring the motivation and performance of personnel.
As part of the efficiency programme, the company decided in March to move Down the Hole (DTH) product manufacturing at the Sherman factory in the USA to the company’s other manufacturing plants. Production at the Sherman factory will end during the second quarter of the year.
At the end of the review period, the company had 283 employees (302 Q1/2018).
In 2019, the company’s goal is to achieve positive EBITA profitability and a significant release of capital tied up in the business.
ROBIT PLC
Ilkka Miettinen
CFO, interim CEO
Additional information:
Ilkka Miettinen
Robit is a strongly internationalised growth company servicing global customers and selling drilling consumables for applications in mining, construction and contracting, tunnelling and well drilling. The company's offering is divided into three product and service ranges: Top Hammer, Down-the-Hole and Digital Services. 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
Key media
www.robitgroup.com