GLX Holding AS, the holding company of Glamox, reports solid revenue growth and improved profitability

Oslo, Norway, 29 August 2024 – GLX Holding AS, the holding company of Glamox AS, today announced solid revenue growth and improved profitability in its second quarter. Total revenue and other operating income in the period grew 7.8% to NOK 1,147 million (1,065) while order intake was up 4.7% at NOK 1,110 million (1,060).

Second quarter 2024

  • Order intake up 4.7% at NOK 1,110 million (1,060)
  • Total revenue and other operating income up 7.8% at NOK 1,147 million (1,065)
  • Adjusted EBITA up 51.5% at NOK 167 million (110)
  • Adjusted EBITA margin up 4.2 percentage points to 14.5%
  • Cash flow from operating activities at NOK 191 million (60)
  • Strong demand for lighting for offshore energy and commercial marine
  • Continued demand for building retrofit projects
  • Good execution of strategy for growth initiatives and operational efficiency

Year to date 2024

  • Order intake up 2.4% at NOK 2,205 million (2,153)
  • Total revenue and other operating income up 4.6% at NOK 2,203 million (2,107)
  • Adjusted EBITA up 12.6% at NOK 281 million (249),
  • Adjusted EBITA margin up 0.8 percentage points to 12.7%
  • Cash flow from operating activities at NOK 214 million (85)
  • Reduced leverage at 3.4x (4.1x)

GLX Holding AS, the holding company of Glamox AS, today announced solid revenue growth and improved profitability in its second quarter. Total revenue and other operating income in the period grew 7.8% to NOK 1,147 million (1,065) while order intake was up 4.7% at NOK 1,110 million (1,060). This was principally driven by growth in lighting for offshore energy and marine projects and supported by continued demand for Glamox’s energy-efficient LED lighting and connected lighting systems for commercial buildings. Adjusted EBITA was up 51.5% at NOK 167 million (110) with the Adjusted EBITA margin at 14.5% (10.4%). This increase was underpinned by sales growth in both divisions, operational enhancements, a beneficial product- and segment mix, and the effects of cost-improvement measures.

Astrid Simonsen Joos, Group CEO of Glamox commented:

“Our second quarter was marked by solid revenue growth and a very healthy increase in Adjusted EBITA. Our Marine Offshore & Wind (MOW) division led the way with strong demand for lighting projects, especially in the markets for offshore energy and commercial marine. Meanwhile, our Professional Building Solutions (PBS) division saw continuing demand for its energy-efficient LED lighting and connected lighting systems. This was partly driven by building renovation and retrofit projects aimed at reducing electricity costs and Europe-wide regulations that phase out fluorescent lighting.

“During the quarter we continued to focus on initiatives to support growth and operational efficiencies. These included strengthening plant utilisation and measures that pave the way to digital self-service for order updates and simple orders.

“Core to our strategy is the pursuit of environmental excellence, and in June, the Science Based Targets initiative formally verified our targets aimed at achieving net-zero greenhouse gas emissions across our value chain by 2045.”

 

Subsequent event:

On 13 August 2024, Glamox signed an agreement to acquire UK-based lighting company MARL International. The acquisition of MARL International will complement Glamox’s leading range of lighting solutions for navy and defence applications. MARL International will join the MOW division.

Click here for the full GLX Holding AS interim 2024 Q2 report.