Normet posted a strong fiscal result in Q3 2021, strenghtened it safety performance and progressed in the development of a comprehensive Sustainability plan

Safety

Normet strengthened its safety performance in Q3 2021 and concluded the period with a Lost Time Injury Frequency Rate (LTIFR) of 3.9. This is a 32% improvement from the 5.7 frequency rate at the beginning of 2021. Beyond the improvement in our safety statistical performance, we improved in managing critical risks across our workplace, improved the quality of our investigations and broadened our cooperation with other Industrial Companies in sharing safety best practices.

Sustainability

Normet progressed in the development of a comprehensive Sustainability plan in alignment with our strategic vision.    We are confident that Normet’s sustainability capabilities will provide considerable support to our customers and the industry in meeting their sustainability and productivity targets.

The Group’s financial performance

Normet posted a strong fiscal result in Q3 2021. The global economic recovery and strong industry fundamentals are supporting a high level of customer demand. Normet’s equipment order backlog increased by 204.7% to MEUR 83.5 (MEUR 27.4 at 30.9.2020). The Group’s sales totaled MEUR 248.1, compared to MEUR 230.3 in the comparison period. Equipment sales growth was affected by the timing of the deliveries of the order backlog, with some further additional impact of bottlenecks in the supply chain.  Service and consumable sales continued to grow in line with our annual plan, up 17% and 14% respectively compared to last year.

Group EBITDA increased to MEUR 40.3 and EBITDA margin to 16.2% (MEUR 31.6 and 13.7%). Adjusted EBITA came in at MEUR 31.6, corresponding to an adjusted EBITA margin of 12.7% of sales (MEUR 24.2 and 10.5%).

Short-term business risks and market uncertainties

Normet continues to maintain a high focus on managing COVID-19 risk, the situation remains unpredictable and measures to protect our people and our operations remain in place.

Major component availability and logistics delays (inbound and outbound) are having an impact on Normet’s business, specifically in our equipment delivery schedule. The situation is being managed very closely and daily activities are in place to mitigate the impacts as much as possible.

Market outlook

All three Business Lines performed well financially and continue to invest in building a strong and sustainable foundation for ongoing future development. Several exciting new products were released in the quarter.  The outlook for the remainder of 2021 remains positive.  The Company continues to focus on safety, sustainability, operational & capital efficiency and investing in future growth opportunities.

For more information please contact:

Ed Santamaria
President and CEO, Normet Group Oy
Mobile: +358 50 477 8102
E-mail: ed.santamaria@normet.com

Normet is a fast growing and innovative technology company offering continuous improvement to underground construction and mining processes for increased safety, productivity and profitability. Our complete technical solutions create value through saving costs and shortening process cycle times and are developed based on the welfare of people and on the care of the environment. Normet has a broad offering for underground mining and tunneling: equipment, construction chemicals, rock reinforcement products and services. Normet currently employs over 1400 business professionals and the net sales in 2020 was over 300 million euro. Normet is a Finnish company operating globally with over 50 locations in 30 countries. For more information, visit https://www.normet.com.