AutoStore reports record revenue growth for 2019

AutoStore, the Norwegian robot technology company, reported revenues of $195 million in 2019, up 36 percent from 2018.

The company generated earnings of $108 million following the “continued strong demand for automated warehouse solutions”.

AutoStore adds that the outlook remains strong, despite short-term Covid-19 impact.

Karl Johan Lier, CEO of AutoStore, says: “2019 was a solid year for AutoStore, with continued high growth across markets, a strong pipeline and continued investments in robotics innovation.

“The underlying trend with ever-increasing consumer demands for omnichannel solutions, speed, e-commerce and online grocery shopping brings AutoStore in the sweet spot to provide innovative warehousing solutions for the world’s leading retailers and brands.”

The company reported revenues of $195 million in 2019, up from $144 million in 2018, and an adjusted earnings of $108 million. At the end of 2019 AutoStore had sold a total of 418 installations, whereof 104 installations were sold in 2019.

AutoStore installations are sold in over 30 different countries.

Lier says: “The financial performance continues to be strong with a record number of robot systems deployed, solid profitability, unparalleled cash conversion and a return on capital employed that provides a high financial flexibility going forward for further expansion and growth.

“While we see some short-term project postponements following Covid-19, AutoStore has witnessed a significant online acceleration which will require even more automation in the times to come and we reiterate the strong outlook.”

During 2019, AutoStore opened several sales offices, including Japan, complementing the regional presence in Germany, France, the United Kingdom and the United States, with the main office in Nedre Vats, and a growing presence in Oslo, Norway.

The company has delivered its AutoStore solution to warehouses across the globe for customers including Siemens, Puma, Best Buy, Medline and Boozt.com, while Norwegian customers include Komplett.no and XXL.

In December 2019 AutoStore was awarded first place in the European Business Awards, one of the world’s largest cross-industry business competitions. AutoStore has also been pointed to as one of Europe’s 100 digital champions, a list compiled by the Financial Times and Google.

The Financial Times in March 2020 again called attention to AutoStore as one of Europe’s most exciting and successful companies.

Lier says: “Creativity, innovation and the competitiveness for our customers are the core of everything we do, but at times we forget to celebrate what we have achieved.

“While we highly appreciate industry acknowledgements, I know I am speaking on behalf of the entire team when I say we remain focused on what is ahead of us.”

In addition to large-scale robot systems for warehouses, AutoStore also develops solutions for compact micro-fulfilment centres in residential areas.

Lier says: “We are in the beginning of a revolution within shopping and logistics, which will be very exciting to us as a company. If the customer does not receive their products immediately, they will go elsewhere, or simply buy a different product.

“To be able to compete, the retailers and brands must operate more efficiently. They must be available through an increasing number of sales channels and the products must be more or less instantly deliverable.

“AutoStore is perfectly positioned to provide the technology and solutions for this micro-fulfilment trend.”