OSLO (Reuters) -Norwegian robotics firm AutoStore Holdings on Thursday posted a 58% year-on-year rise in revenue for the fourth quarter of 2021 and said this year’s revenue is set to grow more than previously expected.
The maker of automated warehouses last year became Norway’s most valuable stock market entrant in two decades, but its shares have since tumbled amid a tight supply of components and patent litigation that hit margins and worried investors.
Revenue for the October-December quarter rose to $93.2 million from $58.9 million in the same period of 2020, while the operating result before interest 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 said in a statement.
“This situation will have some short-term impact on margins,” he said.
AutoStore raised its 2022 revenue outlook to between $550 million and $600 million from a previous goal to exceed $500 million. The company maintained its medium-term target of around 40% annual growth.
(Reporting by Terje Solsvik; Editing by Richard Pullin and Shailesh Kuber)
