PROFITABILITY IMPROVED SIGNIFICANTLY

In the early part of the year, market demand remained at the level of the end of 2023. Demand in the mining industry remained strong. Demand in the construction industry remained low. Especially in the Nordic well drilling market, the work situation of customers has been weak after several strong years.

Robit’s net sales grew by 4.0% on the previous year and totaled EUR 22.8 million (21.9). In constant currencies, there was an increase of 6.7%. The net sales grew, driven by the Top Hammer business, which grew by 10.1%. From the market areas, the company’s growth came from Australasia. Sales were boosted by new customers and good demand from existing customers in the region.

In the first quarter, comparable EBIT grew clearly and was EUR 1.1 million (-1.4). As a percentage of net sales, the EBIT was 4.7 (-6.3).

The Fit for Service program focused on working capital management continued. The company’s inventories decreased by EUR 1.8 million from the level at the end of 2023. In 2024, Robit will focus in particular on improving the inventory turnover rate. The decrease in inventory value and strengthened profitability supported the improvement of the cash flow from the company’s business operations to EUR 0.9 million (-1.3).

Robit updated its long-term financial targets. The company’s long-term target is to grow faster than average market growth and achieve comparable EBIT profitability of 10%.

The company’s guidance remains unchanged: Robit expects net sales for 2024 and comparable EBIT profitability in euros to improve from 2023.

Interim Report Press Release