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Vow ASA reported stable revenues of NOK 97.8 million (NOK 299.4 year-to-date) in the third quarter, and an EBITDA margin of 8.3 per cent (9.5 per cent YTD). Restrictions relating to the Covid-19 pandemic were gradually lifted during the quarter and resulted in increased activity in the cruise industry and growth in the aftersales business. Vow has secured several milestone contracts in recent months, resulting in an all-time high current order backlog of NOK 2.1 billion including options.
“At the same time, we have consistently built capacity. Since early 2020, we have increased our workforce with more than 30 per cent, invested time and resources to develop our business and strategic partnership, and increased our financial strength. Vow is robust and ready for the upturn,” said Henrik Badin, CEO of Vow ASA.
The order backlog currently stands at NOK 1 284 million, up from NOK 952 million at the start of the year. Vow secured several contracts in cruise in the third quarter which ensures good visibility into 2025/26. In Landbased, the company received confirmation of a purchase order for delivery of process equipment and engineering support to Vow Green Metals valued at NOK 215 million.
In addition to the firm backlog, shipowners have placed options on the newbuild series being equipped with Scanship systems amounting to a record-high NOK 849 million in likely future revenues related to the Projects Cruise segment.
“As predicted, the cruise industry is bouncing back after the pandemic, welcoming guests back on their ships, and with that comes increased demand for our Aftersales services. Meanwhile, ship upgrades and fleet renewals continue to provide a sound platform for our Cruise Project business,” said Badin.
“We are also eyeing a new normal for Vow with increased activity in our Landbased business. The third quarter this year will be remembered for the listing of Vow Green Metals, and Vow’s start of construction of equipment that will go into Vow Green Metals’ biocarbon production plant in Norway, the largest of its kind in Europe,” Badin added.
Vow continues to support its customers in their quest to decarbonise their value chains and become more environmentally sustainable.
Activity in the cruise industry is increasing as society opens up, and Vow remains confident about the long-term market outlook for its cruise related operations. These growth prospects are supported by increasing demand for solutions for cleaner oceans.
Segment Aftersales started the return to growth in the third quarter as more and more cruise ships are returning to normal operations with restrictions related to Covid-19 gradually being lifted. As an increasing share of cruise ships are delivered with Vow systems, the aftersales market is growing, and Vow remains positive about the long-term market opportunities for Aftersales.
Vow continues to make investments in the Landbased segment to support growth and profitability going forward and is working closely with its valued customers and partners to refine technology and solutions.
At 09:00 CEST today, the company's CEO Henrik Badin will present the results live at Haakon VII's gate 2, 0161 Oslo. Participants are welcome to join in person or to follow the presentation via livestream. The stream will also be available for replay after the event.
Use the following link to follow the presentation via livestream: https://channel.royalcast.com/landingpage/hegnarmedia/20211027_7/
Attachments (see link at end of document)
Q3 2021 Update – report
Q3 2021 Update – 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 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 in 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.