Vow ASA ("Vow" or the "Company") had strong progress across the board in the first half of 2022. Total revenues doubled year-over-year to NOK 400 million. Revenues in Landbased were more than fourfold, Aftersales returned to pre-Covid levels and Cruise Projects continued its steady course of profitable growth.
With continued strong operational performance built on an efficient delivery model, earnings before interests, tax, depreciation, and amortisation (EBITDA) before non-recurring items also reached a record high NOK 53 million for the period (NOK 20 million in 1H 2021). The EBITDA margin was 13.3 percent. Order backlog increased with 32 percent year on year to NOK 2.2 billion including options. This too was an all-time high.
“We are very pleased to see the cruise industry back, and happy for our many long-term customers which now have most of their ships out at sea. For Vow this means increased demand for operational assistance and consumables. At the same time, cruise operators continue their newbuild and retrofit programmes. We are working closely with them to develop and deliver even more climate friendly and cleaner solutions than we have done before,” said Henrik Badin, CEO of Vow ASA.
For the first time, Landbased was Vow’s largest reporting segment, delivering 46 percent of the company’s revenues. Equipment delivered to Europe’s biggest BioCarbon plant at Follum, Norway constituted the largest share, although still less than two thirds of revenues in the segment.
“The progress in Landbased is remarkable. The Follum project and our recent decision to build a large scale pyrolysis reactor for delivery later this year, have attracted broad interest from large industry players. In response to global trends, government policies and economic realities, they seek ways to reduce climate gas emissions and secure access to clean energy. The contract announced in May this year with a renewable energy company in the US to deliver a complete biocarbon production system is a good example of this,” said Badin.
Today at 09:00 CEST, the company's CEO Henrik Badin will present the results live at House of Oslo, meeting room Backer, Ruseløkkveien 34, 0251 Oslo. Participants are welcome to meet in person or to follow the presentation via livestream. A recording of the session, which will be held in English, will be available on www.vowasa.com (http://www.vowasa.com) after the event.
To register and join the webcast, please paste the following link into your browser, click 'Attend' and register your e-mail:
Attachments (see link at end of document):
First Half Year 2022 Report
First Half Year 2022 Presentation
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company's 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.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company's capability to deliver is well proven. They are key to end waste and stop pollution.
Located at Lysaker outside Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.