Vow published their Q1 2022 trading update Thursday 5th of May. The company nearly doubled revenues in the first quarter and more than doubled EBITDA compared with first quarter last year. Activity is gaining momentum across all business segments, and the order backlog remains solid at NOK 1 271 mill. In the first quarter, Vow made important steps to meet increased demand for advanced carbon products and CO2 neutral energy and acquired C.H. Evensen to further position for growth.
Revenues in the first quarter of 2022 was NOK 182.5 mill, compared with NOK 92.7 mill in the same period last year. EBITDA before non-recurring items was NOK 23.6 mill, more than a doubling from NOK 10.2 mill in the same period last year.
All segments contributed to the progress, of which profitable growth from the Landbased segment was especially strong. In addition, the cruise industry is gaining speed which resulted in improved activity levels for Aftersales and continued strong results within Projects Cruise.
“It is great to see that most of the cruise fleet is back in operation. Vow and Scanship are well positioned to continue supporting shipyards and the shipowners in their green transition and on their mission for an ever-cleaner ocean. Extensive fleet renewal programs are being planned, comprising both newbuilds and retrofits, to meet customers and investors’ expectations for green
cruising,” said Henrik Badin, CEO of Vow ASA.
“At the same time, global trends in the circular economy and energy markets, regulation and economic realities, encourage industry and energy providers to decarbonise. This creates an unprecedented demand and interest for the technologies and solutions that we provide, producing renewable carbon and climate neutral gas at large scale,” Badin added.
Outlook
Vow continues to support its customers in their quest to decarbonise their value chains and become more environmentally sustainable.
The cruise industry continues to grow as cruise liners place new orders. Vow remains confident about the long-term market outlook for its cruise related operations, and these growth prospects are supported by increasing demand for solutions for cleaner oceans. As an increasing share of cruise ships are delivered with Vow systems, the aftersales market is growing.
Vow is currently in the process of producing and assembling equipment for Vow Green Metals’ first biocarbon plant at Follum in Eastern Norway, which is based on Vow’s advanced pyrolysis technology. Vow continues to make investments in the Landbased segment, and the acquisition of C.H. Evensen further strengthens the group’s foothold and capacities in this segment.
As a provider of world leading technologies that can eliminate pollution, enhance circular economy, and mitigate climate change, and with a proven ability to deliver reliable technology at a competitive price, Vow is well positioned to meet the global trends of replacing fossil fuels and turning waste into valuable resources.
