Fourth Quarter 2022
- Total Revenue: up 15.9% at NOK 1,049 (NOK 905 million)
- Order intake: NOK 1,074m (NOK 1,054m)
- EBITDA: up 32.4% at NOK 145m (NOK 109m)
- EBITDA margin: 14.3% (12.1%)
- Net cash flow from operating activities: NOK 121m (NOK 133m)
Preliminary full-year 2022
- Total Revenue: up 11.7% at NOK 3,772m (NOK 3,377m)
- Order intake: NOK 3,860m (NOK 3,758m)
- EBITDA: up 22.0% at NOK 544m (NOK 445m)
- EBITDA margin: 14.6% (13.2%)
- Net cash flow from operating activities: NOK 168m (NOK 170m)
Oslo, Norway, 3 February 2023 – GLX Holding AS, which is the holding company of Glamox AS, a leading lighting company, today announced record high revenues and order intake for its fourth quarter (Q4‘22), along with strong profitability, despite the challenging macroeconomic environment. Revenues for the quarter were NOK 1,049 million, up 15.9% on the year-ago quarter with Adjusted EBITDA at NOK 145 million, up 32.4% respectively. The performance is attributable to pricing and cost-saving initiatives as well as growth in both its divisions, led by its Marine, Offshore & Wind business. The strong quarter rounded off a robust year for Glamox which saw revenues up 11.7% and Adjusted EBITDA up 22.0% year-on-year.
Glamox Group has secured a new corporate-style revolving credit facility with the incumbent banks DNB and Danske Bank. In relation to that, GLX Holding AS has mandated Arctic Securities, Danske Bank, and DNB Markets for a potential refinancing of the outstanding senior secured bond.
Astrid Simonsen Joos, Group CEO of Glamox, who joined Glamox on 1 August 2022, remarked:
“We made excellent progress during the quarter. Our pricing and cost-efficiency initiatives continued to bear fruit and both divisions performed well. Revenues in our Marine, Offshore & Wind division were up 45.4% over the same period last year. They were driven by sales of lighting for commercial vessels, combined with navy and wind segments, which continued their positive momentum. During the quarter, we released a new concept to address the rapidly growing market for offshore wind. At the same time, market demand for our LED luminaires and connected lighting products for professional buildings continued to be strong compared to historical levels, with increased demand for retrofit solutions.
“I’m pleased that we are executing a new company strategy and making continued progress in sustainability, reducing our overall environmental footprint and improving those of our customers. We remain on course and committed to our goal of achieving Net Zero operations by 2030.
“Looking ahead, we are well-positioned for continued growth. Our business fundamentals remain solid and we enjoy strong products and market positions, and possess a highly capable team. Glamox is well-placed to serve high-growth markets, such as connected lighting, Human Centric Lighting, and offshore wind. We are also well-positioned to capitalize on the growing demand for lighting solutions being driven by the need for energy savings, decarbonisation, and new EU regulations.”
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