ABAX announces record net earnings in annual report

ABAX has revealed it doubled its gross turnover during 2014 as the company published its annual company report.

ABAX Net Earnings Revealed in Annual Report

The report showed the Norwegian-owned company, which operates in six European countries including the UK, had a net earnings (EBITDA) of NOK 41.2m (£3.2m), compared to NOK 20.7m (£1.6m) in 2013.

It also revealed a 32 per cent increase in company revenue in 2014 to NOK 239.8 million (£18.7m).

ABAX is a market leader in developing products to support businesses and individuals who use a vehicle at work. These products include fleet management software, mileage capture technology and equipment monitoring devices.

Petter Quinsgaard, ABAX Chief Executive, said: “ABAX continues to evolve with the need and demands of the market and we have established ourselves as a strong business partner and innovative problem solver for our customers.

“The 2014 report reflects that we have accomplished our ambitions of strong growth and profitability."

ABAX grew geographically in 2014, with the acquisition of the Norwegian company ETRIP AS in March. Then, in April, ABAX opened up a new market with the launch of ABAX Finland Oy. In December, ABAX brought the Finnish fleet management company Salkatek OY.

The company also announced a partnership with Peterborough United in FC in November, with the club renaming its ground to the ABAX Stadium.

ABAX also invested NOK 12.7 million (£1.2m) in to the research and development of new hardware and software in 2014.

Mr Quinsgaard added: “The company will prosper from these investments in both a short and long term perspective, ensuring that ABAX can meet and exceed the market requirements."

“There is a clear mandate and expectation from the board to continue the positive trend from 2014 and further strengthen our market position in all our markets. By investing today in tomorrow’s technology we will secure that position."