Activity was picking up in all parts of Vow ASA in the second half and fourth quarter of 2021, and order backlog reached another record high at the end of year. This provides good visibility for revenues in 2022, which is estimated to nearly double from NOK 454 million in 2021.
EBITDA for the full year 2021 was NOK 43.5 million before non-recurring items. Profit before tax was NOK 325 million, reflecting the values created in the successful demerger of Vow Green Metals.
Revenues for the second half of 2021 was NOK 252 million, up 19 percent year-on-year, while revenues in the fourth quarter of 2021 was nearly 60 percent higher than in the previous quarter.
EBITDA margin before non-recurring costs was around 10 percent in both the last six months and the last three months in 2021, and all business segments were reporting positive EBITDA, with Cruise projects continuing to be the main contributor.
At the end of 2021, total order backlog was NOK 2.1 billion including NOK 0.8 billion in options, an increase of 36 percent during the year.
Outlook
“The record high order backlog provides good visibility for 2022, and revenues are estimated to nearly double. The cruise industry is bouncing back as cruise operators continue to renew and upgrade their fleets, and demand for aftersales continues to increase as more ships are returning to sea,” said Henrik Badin, CEO of Vow ASA.
“At the same time, our technology and solutions for sustainable production of advanced carbon products and climate neutral energy attract increasing interest from both industry and energy companies, and most recently also from Europe’s second largest gas distributor, GRTgaz, which aims to replace all fossil gas in their grid with renewable gas by 2050,” Badin added.
