HomeBusinessNorway's AutoStore posts 58per cent rise in Q4 revenue, raises 2022 goal

Norway’s AutoStore posts 58per cent rise in Q4 revenue, raises 2022 goal

OSLO :Norwegian robotics agency AutoStore Holdings on Thursday posted a 58per cent year-on-year rise in income for the fourth quarter of 2021 and mentioned this 12 months’s income is ready to develop greater than beforehand anticipated.

The maker of automated warehouses final 12 months turned Norway’s most dear inventory market entrant in 20 years, however its shares have since tumbled amid a good provide of parts and patent litigation that hit margins and frightened buyers.

Revenue for the October-December quarter rose to $93.2 million from $58.9 million in the identical interval of 2020, whereas the working end result earlier than curiosity and tax (EBIT) fell to $5.0 million from $11.3 million.

“We are confident in our ability to deliver solutions to sustain the revenue growth, despite the current tight market situation for certain parts and materials,” Chief Executive Officer Karl Johan Lier mentioned in a press release.

“This situation will have some short-term impact on margins,” he mentioned.

AutoStore raised its 2022 income outlook to between $550 million and $600 million from a earlier goal to exceed $500 million. The firm maintained its medium-term goal of round 40per cent annual progress.

(Reporting by Terje Solsvik; Editing by Richard Pullin and Shailesh Kuber)

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