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April 28th, 2020
Vow ASA reported revenues of NOK 116 million for the first quarter of 2020. The year-on-year growth of 24% is mainly a result of the acquisition of ETIA, which was included in the accounts from 1 October 2019. EBITDA in the first quarter was of NOK 14 million, representing a margin of 12%.
The company was awarded several new contracts during the first quarter and projects continued mostly uninterrupted. Performance was particularly strong in Projects and Aftersales (Scanship) with a combined EBITDA margin of 16.1%. Order backlog at the end of the first quarter was all-time high NOK 975 million, partly a result of currency effects.
These are truly strange times. While people, businesses and governments across all continents are fighting the covid-19 pandemic, Vow is reporting a strong first quarter of 2020 and only minimal adjustments in our project portfolio. In the cruise segment, all deliveries during 2020 are for newbuilds scheduled to enter operations from 2022 and deliveries are being prepared according to plan, says Henrik Badin, CEO of Vow.
We are also experiencing continuing demand for our technology and solutions in land-based markets, and we remain optimistic about our plans for growth within several industry verticals, he says.
These are also uncertain times. Cruise ships are docked, and some shipyards have been temporarily closed. Meanwhile, we are currently tendering and in discussions with yards for deliveries to ships confirmed in their orderbooks. Our overall sound order backlog and positioning in new industry verticals constitute a strong foundation for continued growth, Badin says.
The corona pandemic (covid-19) has caused major disruptions to the world economy. The company is closely monitoring the situation, implementing measures to protect the people and operations, as well as to prepare for the potential operational and financial consequences of the situation.
Vows business is continuing mostly as planned, without any significant changes in the delivery schedule of systems to the cruise industry. The company expects meanwhile, that its Aftersales segment will be increasingly affected going forward, since most cruise ships have been docked since March. Meanwhile, Vow maintains that revenues in the first half of 2020 is expected to be higher than in the second half of 2019.
Vow expects to benefit from the growing concern for climate and the environment in the cruise industry, and with the acquisition of ETIA, the company is now also increasingly relevant towards a wide range of land-based industries.
See enclosed Operational update 1Q 2020 and Presentation 1Q 2020 with further details.
Today at 11.00 CET, the company's CEO Henrik Badin will host an online video conference. After a brief introduction, he will answer questions from the audience. The session will be held in English. A replay of the webinar will be made available on www.vowasa.com (http:/www.vowasa.com) shortly after. To register and join the webinar, please copy and past the following link into your browser and fill in the required information: https://www.vhgo.no/vow
For further queries, please contact: Henrik Badin - CEO Vow ASA Tel: + 47 90 78 98 25 Email: email@example.com
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.
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