WATCH LIVE: Webcast from the quarterly presentation at 8.00 am
– The first quarter was another strong quarter for Collection with continued high activity in new mortgage markets (DRS), including Romania, Victoria (Australia), Hungary and Ireland. (..) In the business areas Recycling and Food, revenues were low as expected, which resulted in a quarter with weak profitability and an EBITA margin of 5 per cent for the group, says CEO Tove Andersen.
The pawnshop and recycling company had revenues of NOK 3,322 million in the first quarter, while revenues of NOK 3,248 million were expected, according to estimates obtained by the company. EBITA came in at NOK 176 million, against the expected NOK 271 million.
In the same quarter last year, EBITA ended at NOK 277 million. Including restructuring costs in the Food business area, EBITA ended at NOK 158 million.
| (Million NOK) | 1st quarter/24 | 1st quarter/23 |
| Operating income | 3,322 | 3,239 |
| Operating result | 111 | 234 |
| Result before taxes | 33 | 170 |
| Result after tax | 25 | 128 |
One up and two down
Tomra’s largest business area is Collection, which sells pawn machines. Here, income growth in the quarter was 15 per cent. However, it was more difficult within Recycling and Food. Here, revenues were down 16 and 15 per cent, respectively, compared to the same quarter last year.
Within Recycling, order intake fell by 12 per cent in the quarter, while the order backlog increased by 9 per cent to NOK 1,459 million. In Food, order intake also fell by 12 per cent in the quarter, while the order backlog rose by 8 per cent to NOK 1,380 million.
– Looking ahead, we overall have a record high order backlog within Recycling and Food, at the same time as new mortgage markets have announced start-up in late 2024 and early 2025. We also have an exciting new technology portfolio to offer our customers in all three business areas, says Andersen.
