Vow ASA presented on August 25 their results for the first half year 2022. The Company delivered its highest ever revenues, profits and order backlog. Total revenues doubled year-over-year to NOK 400 mill. 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, EBITDA before non-recurring items also reached a record high NOK 53 mill for the period (NOK 20 mill in 1H 2021). The EBITDA margin was 13.3%. Order backlog increased by 32% 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% of the company’s revenues. With equipment delivered to Vow Green Metals’ plant at Follum (Europe’s biggest BioCarbon plant), 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.
