ROBIT PLC PRESS RELEASE 20 FEBRUARY 2018 AT 2.15 P.M.
ROBIT PLC'S GROWTH CONTINUED +38%, PROFITABILITY DISAPPOINTING
Robit's net sales increased 38 percent up to EUR 88.2 million (2016: 64.1) in 2017, which was mainly due to structural growth. Net sales development was not in line with expectations. Besides net sales being lower, result of the financial year 2017 was also pressed by up-front expenses ending up to EUR -5.2 million (2016: 4.1).
Financial year 2017 was a year of important changes to strengthen Robit Group for further growth including integration of new acquired units, intense personnel investments, implementation of global ERP system as well as changes in operating structure and way of working.
Robit also continued its investments in even stronger presence in the market. Robit acquired Halco businesses in USA and UK early 2017. In addition, company established a new subsidiary in Kazakhstan (TOO Robit). Robit made also a major investment of approximately EUR 10 million into a new fully automated factory in Korea close to Seoul.
Personnel grew with 66 persons, two thirds of which came from Halco acquisitions. Total number of employees at the end of 2017 was 329, out of which 76 percent were located outside Finland.
Robit expects the good market conditions to continue and even improve. The widened product offering from previous acquisitions combined with the company's expanded and more developed distributor network enable further growth opportunities for Robit Group. In addition, digitalization is taking central role in supporting Robit's and its customers' key functions.
Robit continues to further analyze potential acquisition targets.
ROBIT PLC
Mika Virtanen, Group CEO
Further information:
Robit Plc
Mika Virtanen, Group CEO
+358 40 832 7583
mika.virtanen@robitgroup.com
Robit is a strongly internationalized growth company selling and servicing global customers in drilling consumables for applications in mining, construction and contracting, tunneling and well drilling. The company's offering is divided into three product and service range: Top Hammer and Down-the-Hole products as well as Digital Services. Robit has 21 own sales and service points as well as active sales networks in 115 countries. The manufacturing units are located in Finland, South Korea, Australia, UK and USA.
Distribution:
Nasdaq Helsinki Ltd
Key media
www.robitgroup.com