Robit cites mining improvement in record month

Finnish drilling consumables manufacturer Robit says it remains on course to grow 2021 net sales and profits after posting a 7.1% year-on-year increase in March quarter sales to EUR23 million. Mining sector activity helped deliver the company’s highest ever monthly net sales in March.
Robit cites mining improvement in record month Robit cites mining improvement in record month Robit cites mining improvement in record month Robit cites mining improvement in record month Robit cites mining improvement in record month

Robit's factory in Finland

Staff reporter

Staff reporter

The company's fiscal 2020 turnover was EUR91.63 million.

This year's March quarter EBITDA of EUR1.6 million compared with EUR0.4 million a year ago.

CEO Tommi Lehtonen said results represented a "step towards a stronger Robit".

"In the mining sector in particular, business development was good, but on the other hand, we did not have large project deliveries during the quarter," he said.

"Robit expects the market situation to develop positively and believes COVID-19 restrictions to have a limited impact on the demand of Robit's products in 2021. Demand is supported by the positive development in the price of raw materials and customers' good work situation in the construction market areas that are relevant to Robit. 

"The mining industry's demand is expected to remain very stable in 2021, which is typical of the consumables business related to the production process of the segment. The positive development of metal prices and bright outlook are reflected in the research drilling activities that are developing well. Prospection drilling is a cyclical part of the industry, reflecting the mining industry's willingness to invest in future capacity increases."

Helsinki-listed Robit's share price has surged from EUR3.75 to EUR6 since the start of 2021, capitalising the company at EUR128.6 million.