Vow ASA presented robust third quarter results today. Restrictions relating to the Covid-19 pandemic were gradually lifted during the quarter and resulted in increased activity in the cruise industry and growth in the aftersales business. Vow has secured several milestone contracts in recent months, resulting in an all-time high current order backlog of NOK 2.1 billion including options.
The company reported stable revenues of NOK 97.8 million (NOK 299.4 year-to-date) in the third quarter, and an EBITDA margin of 8.3 per cent (9.5 per cent YTD).
The order backlog currently stands at NOK 1 284 million, up from NOK 952 million at the start of the year. Vow secured several contracts in cruise in the third quarter which ensures good visibility into 2025/26. In Landbased, the company
received confirmation of a purchase order for delivery of process equipment and engineering support to Vow Green Metals valued at NOK 215 million.
In addition to the firm backlog, shipowners have placed options on the newbuild series being equipped with Scanship systems amounting to a record-high NOK 849 million in likely future revenues related to the Projects Cruise segment.
Link to company presentation: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20211027_7
