HIGH sales numbers, profitable operations and four new business acquisitions have contributed to record financial figures as ABAX announces 50% revenue growth for the last financial year.
Norwegian-owned ABAX’s annual report just published revealed a 50% increase in company revenue in 2015 to NOK 359 million (£30m).
The report showed the company, which operates in six European countries including the UK, had an EBITDA (earnings before interest, taxes, depreciation, and amortisation) increase of 23% to NOK 51 million (£4.3m).
ABAX develops products to support businesses and individuals who use a vehicle at work. These products include fleet management software, Triplog mileage capture technology and equipment monitoring devices.
One of the four business acquisitions was of the English franchise ABAX UK Ltd in November 2015. The company now employs 50 people in the UK from its head office in Peterborough under the directorship of UK chief executive Chris Miller. The offices are in the Petersborough United OBAX Stadium, so named in a five-year deal.
ABAX chief executive Petter Quinsgaard 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.”