Robit on track for breakout year despite COVID: Lehtonen

Finland’s Robit says it remains on track to boost revenues and profits this year after posting a ninth consecutive quarter of growth in the three months to the end of June. The drilling consumables manufacturer reported first-half net sales up 10% year-on-year at €48.1 million (US$56.4 million) and EBITDA of €3.4M, higher now for five successive quarters and up €2M yoy.
Robit on track for breakout year despite COVID: Lehtonen Robit on track for breakout year despite COVID: Lehtonen Robit on track for breakout year despite COVID: Lehtonen Robit on track for breakout year despite COVID: Lehtonen Robit on track for breakout year despite COVID: Lehtonen

NASDAQ-listed company’s share price is up more than 41% this year

Staff reporter

Staff reporter

Robit CEO Tommi Lehtonen said commodity price and sector-investment tailwinds were lifting mining sales while conditions in the construction market also favoured growth.

"All markets grew except for Asia", in the first six months of 2021, with the strongest growth seen in the Americas region. Lehtonen said Robit "made good progress" in expanding sales coverage by signing six new distribution agreements in the June half.

"A few important new partnerships" were being negotiated.

Orders reportedly grew 6.9% yoy in H1 to €49.6M.

Lehtonen said record three-month sales of €25.1M in the June quarter (plus-22.2% yoy) and €26.5m of new orders (up 23.1% yoy), another record, set the company up for a milestone year.

"In the first half of the year, as expected, progress was made towards a more normal market situation, as the COVID-19 pandemic restrictions affecting the industry eased," he said.

"Now we will focus on winning customer relationships with the new distributors."

Robit notched up full-year revenue of €91.63M for FY20, when it posted a net loss of €2.9M.

The Helsinki-based, NASDAQ-listed company's share price is up more than 41% since the start of 2021, capitalising the company at circa-€112 million.