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GLX Holding AS announces significant revenue growth and improved and strong profitability for its first-quarter earnings

GLX Holding AS, which is the holding company of Glamox AS, a leading lighting company, today announced significant revenue growth and improved and strong profitability for its first quarter of 2023. Revenues in the period were up 16.9% to NOK 1,042 million, driven by strong demand for lighting for professional buildings and marine and offshore markets. There was strong profitability with the effects of pricing and cost control measures contributing significantly to an adjusted EBITDA of NOK 170 million, up 46.7% year-on-year. Order intake was also up 16.2% with strong performances by the company’s Offshore Energy, Commercial Marine, and Navy sub-segments.

  • Revenue growth up 16.9% at NOK 1,042 million (NOK 892 million)
  • Order intake up 16.2% at NOK 1,094 million (NOK 940 million)
  • Adjusted EBITDA up 46.7% at NOK 170 million (NOK 116 million)
  • Improved adjusted EBITDA margin 16.3% (13.0%), up 3.3 percentage points
  • Successful placement of four-year sustainability-linked bonds
  • Good progress with new company strategy and sustainability initiatives
  • Strengthened executive management team with two new appointments

“This was a strong quarter in which we saw significant revenue growth with improved and strong profitability. Despite the challenging macroeconomic environment, both our segments, Professional Buildings Solutions (PBS) and Marine, Offshore & Wind (MOW), performed well, with revenues in MOW up 34.6%. Price increases and cost savings initiatives continue to bear fruit and contributed to a strong growth in adjusted EBITDA, up 46.7%.

“During the quarter we refinanced through the successful placement of four-year sustainability-linked bonds, which are now listed on the Oslo Stock Exchange. We also made progress in executing our Green Light Strategic Aspirations Plan and various sustainability initiatives. At the same time, we strengthened the executive management team with the appointments of our first Chief People & Culture Officer and Chief Marketing & Communications Officer. Looking ahead, the Glamox Group is well-positioned to capitalise on lighting opportunities driven by the need for energy savings, new EU regulations, and increased investments in the marine and offshore wind markets,” said Astrid Simonsen Joos, Group CEO, Glamox AS.

 GLX Holding AS interim 2023 Q1 report

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

Neil Pattie
Corporate Communications
Tel: +44 7784 086530
Email: neil.pattie@glamox.com