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GLX Holding AS, the holding company of Glamox AS, announces continued solid revenue growth and profitability for its third-quarter earnings

Oslo, Norway, 21 November 2023 – GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced continued growth in revenue and adjusted EBITDA for its third quarter of 2023. Total revenues in the period were up 12.7% to NOK 1,040 million, driven by demand for Glamox’s lighting for professional buildings and marine and offshore markets. Adjusted EBITDA was up 6.5% at NOK 162 million. Meanwhile, order intake was up 9.3%, reaching NOK 988 million.

Astrid Simonsen Joos, Group CEO of Glamox AS, remarked: “Thanks to a strong team effort, we achieved double-digit revenue growth and a healthy increase in adjusted EBITDA in our third quarter. This solid performance underlines the ability of our business to grow revenues and profitability, despite continued macroeconomic uncertainty. Also, the progress we made on both productivity improvements and strategic growth initiatives contributed to a very positive quarter.”

The Glamox Group’s largest division, Professional Building Solutions (PBS), achieved strong growth in adjusted total revenues of 19.2%, benefiting from energy-saving campaigns and retrofit activity following EU directives that phase out fluorescent lighting. Its Marine, Offshore & Wind (MOW) division was impacted by fluctuations in the timing of project deliveries, leading adjusted total revenues to grow by 1.6% in the quarter.

Adjusted EBITDA was healthy, up 6.5%, to NOK 162 million. This was driven by the significant revenue growth and increased adjusted EBITDA margin in PBS, despite inflation and currency effects on the cost of raw materials, consumables, and components, which were partly offset by continued tight cost control and pricing measures. The Group EBITDA margin decreased slightly from last year due to a higher relative share of revenues coming from PBS which has a lower EBITDA margin than MOW.

Strong progress was made in executing the company’s Green Light Strategic Aspirations Plan. Quarterly highlights included the announcement of a new range of stylish marine lights, increased market penetration for connected lighting solutions, and the development of a digital portal for customers. The amount of waste sent to landfill was reduced and the Glamox Group increased the share of electricity it uses from renewable sources.

“Our long-term outlook remains positive. Demand for our energy-efficient lighting is increasing, due to high energy prices and environmental regulations. Furthermore, we remain well-positioned to address attractive growth segments, including wireless connected lighting, offshore wind, and human-centric lighting,” added Simonsen Joos.

Click here for the full GLX Holding AS interim Q3 2023 report.