ABAX reports 50% growth in company revenue
The annual report for the Norwegian-owned company showed that 2015 company revenue rose to NOK 359 million (£30m) and an EBITDA increase of 23% to NOK 51 million (£4.3m).
The firm, which operates in six European countries and offers fleet management software, mileage capture technology and equipment monitoring devices, said growth had been driven by four recent business acquisitions, including that of the English franchise ABAX UK Ltd in November 2015.
Petter Quinsgaard, ABAX chief executive, said: “2015 was a great year for us and we surpassed the 2014 results even before the end of the third quarter. We are pleased to report we have experienced a high growth rate at the same time as we have managed to keep operations profitable.
“With four new acquisitions we remain true to our growth strategy and the course we have sat for the company. ABAX has taken yet another step up in 2015 and we have strengthened our position amongst the leading players of our industry in Europe.”
ABAX’s other acquisitions were of Norwegian companies Bli Best AS and FrontTek AS, and Dutch company Trevler Holding BV.
Chris Miller, ABAX UK chief executive, said: “ABAX has seen great potential in the UK market and the investment in buying out the ABAX UK Ltd franchise in 2015 was testament to this.
“We continue to grow in the UK and have recently launched a core campaign to warn owners of business with van fleets to keep on top of HMRC regulations, an area ABAX excels helping companies with, with our market-leading Triplog products.”