ABAX announces strong financial results for 2016

 

ABAX has announced an increase in company revenue above 30 per cent for the third year in a row.

Vehicle technology ABAX published its annual report this month and it revealed a 31.5 per cent increase in company revenue in 2016 to NOK 472 million (£43m).

New business acquisitions and entering new markets have contributed to the financial figures for ABAX.

The report showed the company, which operates in seven European countries and China, had an EBITDA increase of 34.5 per cent to NOK 68.2 million (£6.2m).

Petter Quinsgaard, ABAX Chief Executive, said: “2016 was another great year for us proven with growth rates above 30 percent for the third consecutive year. A substantial factor in our growth is the ambitious growth strategy we have in combination with our skilled and enthusiastic people.”

ABAX develops products to support businesses and individuals who use a vehicle at work. These products include Triplog mileage capture technology and fleet management software.

ABAX opened up a new market in China in December 2016 in addition to consolidating its market in Sweden with the two acquisitions of Ctrack Sverige AB and Accessor AB.

Bjørn Erik Helgeland, ABAX Chief Operating Officer, said: “It is always great to see fantastic results published, but of utmost importance is that we dare to keep pushing and keeping a high pace within the company. This ethos is also why we chose to invest millions in creating new technology in 2016.”

ABAX employs 50 people in the UK from its head office in Peterborough under the directorship of UK Chief Executive Chris Miller.

Chris said: “ABAX has always operated with a shrewd business sense when it comes to growth and expansion, and this activity for 2016 is reflected in another set of strong results. In the UK we had an excellent 2016 and

As well as the UK, ABAX operates in Norway, Sweden, Denmark, Finland, the Netherlands, China, and, most recently, Poland.