Oslo, Norway, 21 November 2024 – GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced solid revenue growth and strong profitability in its third quarter. Total revenue and other operating income in the period grew 7.4% to NOK 1,117 million (1,040). Order intake declined 3.6% at NOK 952 million (988), although this was due to the timing of major marine contracts which saw extensive orders in the same period last year. Adjusted EBITA was up 67.7% at NOK 215 million (128) with the adjusted EBITA margin up 7.0 percentage points to 19.3% (12.3%).
Astrid Simonsen Joos, Group CEO of Glamox commented: “Our third quarter saw solid revenue growth, margin expansion, and a significant increase in adjusted EBITA, representing consistent improvement throughout the year.
“While we see continuing demand for our energy-efficient LED luminaires and light management systems in our Professional Building Solutions division, our Marine, Offshore and Wind division led the way with strong sales in our Commercial Marine and Offshore Energy sub-segments. This contributed significantly to our strong profitability, which was driven by higher revenue, a favourable product- and segment mix, and the positive effects of operational and cost-improvement initiatives.
“At Glamox, we continuously challenge how we operate, and we are now seeing benefits from our investments in modern digital infrastructure and sustainability.
“A major quarterly highlight was the acquisition of navy and defence specialist MARL International in the United Kingdom. The company designs and makes LED technology and electronic systems that will strengthen and expand our position in the growing market for defence and navy lighting, which is one of the target growth segments for our Marine, Offshore & Wind division.”
Click here for the full GLX Holding AS interim 2024 Q3 report.
