GLX Holding AS, the holding company of Glamox, reports solid revenue growth and significantly strengthened profitability and order intake in this year’s fourth quarter, concluding a year with good profitability and sustained operational progress
Fourth quarter 2024
- Total revenue and other operating income up 4.3% at NOK 1,167 million (1,119)
- Order intake up 12.3% at NOK 1,318 million (1,173)
- Adjusted EBITA up 54.1% at NOK 174 million (113)
- Adjusted EBITA margin up 4.8 percentage points to 14.9%
- Net cash flow from operating activities at NOK 283 million (363)
- Three major Navy and Offshore Wind contracts awarded
- Continuing demand for building retrofit projects
FY 2024
- Total revenue and other operating income up 5.2% at NOK 4,487 million (4,266)
- Order intake up 3.7% at NOK 4,476 million (4,315)
- Adjusted EBITA up 36.6% at NOK 670 million (490)
- Adjusted EBITA margin up 3.4 percentage points to 14.9%
- Net cash flow from operating activities at NOK 691 million (613)
- Reduced leverage at 2.6x (3.6x)
Oslo, Norway, 27 February 2025 – GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced solid revenue growth and strong profitability in its fourth quarter. Total revenue and other operating income in the period grew 4.3% to NOK 1,167 million (1,119). Order intake increased 12.3% at NOK 1,318 million (1,173), supported by major contract awards in the Navy and Offshore Wind verticals in Glamox’s Marine, Offshore & Wind (MOW) division. Adjusted EBITA was up 54.1% at NOK 174 million (113) with the adjusted EBITA margin up 4.8 percentage points to 14.9% (10.1%).
Astrid Simonsen Joos, Group CEO of Glamox, commented: “Our fourth quarter saw a combination of solid revenue growth, margin improvement, and adjusted EBITA growth, driven by strong performances in our Marine, Offshore & Wind (MOW) and Professional Building Solutions (PBS) divisions.
“Our revenue was driven by increased activity across several vessel segments and verticals in MOW. Its underlying growth remains promising, and activity levels in all its main verticals remain solid. The MOW division was awarded three major contracts within its Navy and Offshore Wind verticals in the quarter, reinforcing its position in demanding marine sectors.
“Meanwhile, our PBS division experienced sustained demand for its energy-efficient lighting for building renovation and retrofit projects. The Europe-wide phase-out of fluorescent lighting is a key driver for retrofit activity in PBS and is expected to continue contributing significantly.
“The strong growth in adjusted EBITA and margin expansion was mainly due to revenue growth in MOW, a beneficial product and customer segment mix, and the effects of improvement measures.
“I am also delighted to announce that our revenue growth was supported by increased sales of our Light Management Systems as Glamox continues to benefit from the ongoing market shift from lighting products to connected lighting solutions.”
Please click here for the full GLX Holding AS interim report for the 4th quarter and preliminary full-year report for 2024.
