Vow reported continued high revenues of MNOK 449 in the first six months of 2023, representing a growth of 12% year over-year. EBITDA before non-recurring items came in at MNOK 29.6 for the period and corresponding to a margin of 6.6%. EBITDA reflects good performance in cruise and heat treatment, and the costs of building pipeline in Industrial Solutions.
“We are consistently delivering good results in our well-established business. We are strategically building capacity and intensifying our bidding for projects in new industry verticals. The demand for our offerings is evident, and we possess the relevance and capability to meet these needs. As a result, we remain steadfast in our commitment to seize these opportunities, even if it temporarily impacts our EBITDA,” said Henrik Badin, CEO of Vow ASA.
Maritime Solutions continued with high revenues, driven by equipment deliveries to cruise newbuilds. Aftersales delivered record high revenues and profit, well above pre-pandemic level, and continues to perform well. Within Industrial Solutions, our heat treatment business (CHE) delivered growth and strong margins.
The overall outlook for Vow remains good, and the new financing agreement which was confirmed this summer contributes to a solid platform for growth. The order backlog is MNOK 1.145 plus MNOK 999 in options. The contract with Quonset Soil Solutions was confirmed in July and will drive growth in the second half of 2023. Vow is currently developing and bidding for a large number of projects in the Industrial Solutions segment, expected to materialize over the coming years.
“We remain optimistic across all our businesses. We are seeing strong demand for Vow’s solutions across several industry verticals, with new majors showing interest in our technology, and an increased interest from existing clients in the cruise industry, which we are confident will result in an increased order backlog,” said Badin.
