The demand for cleaner ocean systems continues to drive Scanship’s growth. The company reported a strong 1st half of 2018, with a solid 25% revenue growth y/y and a strong 11.1% EBITDA margin. The order book was record high at NOK 513 million, up from NOK 469 million at year-end.
The growth trajectory for Scanship continues, delivering a top-line of NOK 146.5 million (up 25% y/y) and EBITDA at NOK 16.3 million (11.1% margin). Project revenues in the period were high, both related to engineering and planning of the new contracts awarded, as well as by equipment deliveries and work on the existing portfolio. With the increasing number of cruise ships with Scanship systems installed, the recurring revenue base within Aftersales is now also increasing.
The order backlog is recorded at an all-time high NOK 513 million as of 30 June 2018, compared to NOK 469 million at year-end and NOK 360 million as per the same time last year. During the first six months of 2018, Scanship has entered into contracts for five cruise newbuilds, two cruise retrofits and four aquaculture projects. In the same period, shipowners and yards have entered into additionally 5 newbuild sister ship contracts where Scanship has options for total value of NOK 140 million.
See link for video presentation of the 1H 2018 results by CEO, Henrik Badin: https://www.dropbox.com/s/wbp1p86baab1kcr/Scanship%20Q2%202018.mp4?dl=0
Link for press release, report and presentation material: https://newsweb.oslobors.no/message/458191