Fleet News

ABAX reports 15.6% revenue increase

ABAX Petter Quinsgaard and Bjørn Erik Helgeland

ABAX has reported increased revenue for four consecutive years.

The biggest news in 2017 was the acquisition of ABAX for 1.8 billion NOK (£166 million) by the investment corporation Investcorp.

In addition to this, ABAX acquired the Danish telematics company Fleetfinder ApS, to strengthen our market in Denmark. The annual report shows an increase in revenue of 15.6%.

ABAX Group’s chief executive Petter Quinsgaard said: “2017 was another good year for ABAX where we experienced growth. In percentage, the growth is somewhat smaller than previous years, but a growth in revenue of 60 million NOK (£5.5m), and a growth in EBIDTA of 3.5 million NOK (£322,000) is still very good results.

“With Investcorp as new owners, we can continue our journey towards new markets, and in addition further strengthen our presence and position in the countries we are already established in.”

ABAX is working continuously to become the number one in the world in their segment. In 2018 the company’s mission statement was changed to “Solutions Provider for the Connected Workspace”, and it is in this segment that the company see the potential for vast growth in the years to come.

ABAX Group’s chief operating officer Bjørn Erik Helgeland said: “It’s with great pleasure that we, also in 2017, managed to grow and deliver solid results.

"We have invested a lot in research and development, and also done a lot of organisational changes this year to be ready for what the future brings.”  

 

Financial key figures (in MNOK)

2017

2016

Changes in %

Revenue

385.5

325.4

15.6

EBITDA

62.0

58.5

6.0

 

Pictured: (L) Petter Quinsgaard and Bjørn Erik Helgeland


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