Vow ASA reported revenues of NOK 248 million for the first half of 2020, a growth of 37 % year-on-year. Profit before tax was NOK 35 million, up from NOK 20 million for the same period last year, and order backlog was NOK 989 million at the end of June 2020. Since then orders worth an additional NOK 157 million have been confirmed and reported.
Earnings before interest, taxes, depreciation and amortization (EBITDA) before non-recurring items was NOK 25 million for the first six months of the year.
"As the cruise industry adjusts and prepares itself for the longer term effects of the pandemic, the two business segments Projects and Aftersales, with customers primarily in the cruise industry, were the key drivers behind Vow's strong performance," says Henrik Badin, CEO of Vow ASA.
The two segments reported a combined EBITDA of NOK 40 million for the first half of 2020. Projects doubled its EBITDA year-on-year. Earnings in Aftersales meanwhile, was reduced by 47 % as measures to control the spread of the covid-19 virus restricted travel and access to ships.
The business segment Landbased reported gross margins on par with cruise, but the EBITDA for this segment was negative due to increased costs related to building the organization for growth.
"At the same time we are pleased to report several milestone contracts for industrial scale land-based plants that will be producing renewable energy and giving waste value. These contracts are in industry verticals which holds a significant potential for growth, and negotiations are ongoing for more feasibility studies, pilots and full-scale plants for world-leading clients", Badin says.
Today at 10.00 CET, CEO Henrik Badin will present the report and comment on status in a video conference online. The session will be held in English and the audience is welcome to ask questions. A replay of the webinar will be made available on www.vowasa.comshortly after.
To register and join the webinar, please paste the following link into your browser and follow instruction on the screen: https://www.vhgo.no/vow/firsthalf2020/open/
For further queries, please contact:
Henrik Badin - CEO Vow ASA
Tel: + 47 90 78 98 25
Attachments (see below)
Report for the first six months 2020
Presentation for the first six months 2020
About Vow ASA
In Vow and our subsidiaries Scanship and Etia we are passionate about preventing pollution and giving waste value. Our world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.
Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.
Our ambitions go further than this. With our advanced technologies and solutions, we turn waste into biogenetic fuels to help decarbonize industry and convert plastic waste into fuel, clean energy and high-value pyro carbon.
Our solutions are scalable, standardized, patented and thoroughly documented, and our capability to deliver is well proven. They are key to end waste and stop pollution.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW from 13 January 2020).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
- VOW - First Half Year 2020 Presentation (https://ml-eu.globenewswire.com/Resource/Download/eb1b1379-aed0-419e-80fa-093e31194acf)
- VOW - First Half Year 2020 Report (https://ml-eu.globenewswire.com/Resource/Download/028176e1-8bbe-47dd-a0fe-cdf127a0b173)