Fourth quarter 2023:
- Total revenue growth up 6.7% at NOK 1,119 million (NOK 1,049 million)
- Order intake up 9.3% at NOK 1,173 million (NOK 1,074 million)
- Adjusted EBITDA up 1.3% at NOK 146 million (NOK 144 million)
- Adjusted EBITDA margin 13.0% (14.2%)
- Net cash flow from operating activities of NOK 361 million (NOK 117 million)
Preliminary full-year 2023:
- Total revenue growth up 13.1% at NOK 4,266 million (NOK 3,772 million)
- Order intake up 11.8% at NOK 4,315 million (NOK 3,860 million)
- Adjusted EBITDA up 14.4% at NOK 621 million (NOK 543 million)
- Adjusted EBITDA margin 14.6% (14.6%)
- Net cash flow from operating activities of NOK 611 million (NOK 164 million)
GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced continued growth in revenue and order intake for its fourth quarter of 2023. Total revenues in the period were up 6.7% to NOK 1,119 million. The largest division, Professional Building Solutions (PBS) experienced a continued demand for energy-efficient lighting solutions driven by building renovation and high retrofit activity. The Marine, Offshore & Wind (MOW) division also witnessed a continued demand and growth both in the new build and renovation market. Meanwhile, order intake was up 9.3%, reaching NOK 1,173 million. Adjusted EBITDA was up 1.3% at NOK 146 million. The solid quarter rounded off a year with significant progress, and saw revenues up 13.1% and adjusted EBITDA up 14.4% year-on-year.
Astrid Simonsen Joos, Group CEO of Glamox AS, remarked: “Thanks to a strong team effort, we achieved double-digit revenue and adjusted EBITDA growth in 2023. This solid performance underlines the ability of our business in executing our green Light Strategic Aspirations Plan. Our 5-pillar strategic framework is the vehicle we use to prioritize growth areas, improve operations, and support our employees to deliver sustainable, profitable growth.”
The Glamox Group’s Professional Building Solutions (PBS) division, achieved solid growth in adjusted total revenues of 12.9% in 2023, benefiting from energy-saving campaigns and retrofit activity following EU directives that phase out fluorescent lighting. Its Marine, Offshore & Wind (MOW) division saw adjusted total revenues grow by 19.4% in 2023, mainly driven by a solid Maintenance, Repair and Operations (MRO) market and recovery in vessel newbuilding activity.
“I am delighted to announce that our revenue growth is supported by an increase in Light Management Systems (LMS) of 40% with Glamox continuing to benefit from the ongoing market shift from supply of lighting products to lighting solutions. Supporting the uptake of our wireless and wired systems was ongoing high levels of building renovation and retrofit activity.”
“We significantly progressed toward our strategic objectives of environmental excellence, simplification, and digitalization. During this quarter, we submitted our Science Based Targets for approval, and we expanded the number of our Environmental Product Declarations (EPDs), enhancing our ability to evaluate the environmental impact of a broader range of products and services.”
“Our fundamental growth prospects are positive and based on our robust business model, good cost control, and positive long-term market drivers in both operating segments. Demand for our energy-efficient lighting solutions is increasing, driven by high energy prices and stricter environmental regulations. Furthermore, investments in offshore energy and wind sectors, present promising growth opportunities, both in newbuild and retrofit projects,” added Simonsen Joos.
Click here for the full GLX Holding AS interim Q4 2023 report and preliminary full-year report 2023.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Kjetil Østvold, Head of IR and Analysis at Glamox AS.
For further information please contact:
Kjetil Østvold
Head of Investor Relations & Analysis
Tel: +47 468 63 004
Email: kjetil.ostvold@glamox.com or ir_glx@glamox.com