Goodtech, which specializes in robotics, automation and digitalization, announced quarterly figures on Friday that showed the company increased its top line by 70 percent to NOK 243.1 million compared to the same quarter last year.
The stock opened up 10 percent from the start, and was up 9 percent just over an hour after the open.
The main advantage came from the acquisition of Skala Flytende, a company specializing in the digital transformation of the liquid processed food industry, which was integrated into the company this quarter and is expected to have an annual turnover of around NOK 100 million.
The company stated that the group is in the process of making a strategic change towards more purchasing and project management operations within digital transformation projects.
The company's goal to be a broader supplier in large digital transformation projects contributed to an increase in cost of goods as a percentage of total sales from 32 to 41 percent in the fourth quarter of 2023 compared to the previous year.
Meanwhile, wage costs rose 29.4 percent in the quarter, as a result of the significant increase in headcount.
| (million kroner) | 4 square meters /23 | Fourth quarter/22 |
| Operating income | 243.1 | 143.3 |
| Operating profit (EBIT) | 13.3 | -1.6 |
| Result before taxes | 9.4 | -4.8 |
| Result after tax | * | * |
Better profitability
The company reported a significant improvement in profitability, with EBITDA increasing to 20.6 million compared to 3.8 million in Q4 2022.
According to the company, this is due to high activity and better exploitation of the group’s capabilities, in addition to better management and implementation of projects.
In parallel with the increase in commodity costs, projects have been expanded, which means that Goodtech follows customers to a greater extent throughout the entire operational phase. This includes design, planning and after-sales services, which has positively impacted the group's results, the company wrote.
They also point to better margins and lower cost of goods, while higher energy prices and increased sustainable investments have had a positive impact on order quantity.
The company also writes that it has actively worked with its working capital.
Net cash flow from operating activities increased to NOK 73.3 million in the quarter compared to NOK 31.2 million in the same period of the previous year.
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