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- Revenue up 1.3% at NOK 1,056 million (1,042)
- Order intake up 0.2% at NOK 1,096 million (1,094)
- Adjusted EBITA of NOK 114 million (139), down 18.1%
- Robust demand for building retrofit projects
- Global growth in offshore wind, including a contract for the largest offshore wind farm in the US
- Solid cash generation with cash flow from operating activities in line with last year
- Strategic actions to support growth opportunities and operational improvements
GLX Holding AS, the holding company of Glamox AS, today announced stable revenues and order intake. Revenue in the period grew 1.3% to NOK 1,056 million (1,042) while its order intake remained stable at NOK 1,096 million (1,094). Compared to the first quarter last year, revenue was impacted by the timing of Easter, which fell in the first quarter this year compared to the second quarter last year. This timing effect also impacted adjusted EBITA along with general inflation affecting cost items. Adjusted EBITA decreased 18.1% to NOK 114 million (139). The Glamox Group also made progress in executing its strategy including actions to support growth initiatives and operational improvements.
Our largest division, Professional Building Solutions, saw continued demand for our energy-efficient LED luminaires and increasingly for our connected lighting and systems to manage them. This was driven by building renovation and retrofit projects, but the construction market for new professional buildings was noticeably soft. Meanwhile, our Marine, Offshore & Wind division saw healthy demand for lighting new vessels and retrofit projects, and our offshore wind business saw good growth globally. This included announcing a project to light the largest offshore wind farm in the United States. Together these diverse segments provide a stable foundation for our business model and growth strategy.
“We continued to make progress in executing our strategy, with new product launches and digitalisation projects to improve productivity and customer service further. Ongoing actions were put in place to support growth initiatives and operational improvements. We anticipate that these and other cost-improvement measures will bear fruit in the latter half of the year,” said Astrid Simonsen Joos, Group CEO of Glamox.
Click here for the full GLX Holding AS interim 2024 Q1 report.
