Vow ASA reported revenues of NOK 594 million for the first nine months (YTD) of 2022, a doubling from the same period last year, and an EBITDA margin of 13.2 per cent. High activity in all business segments contributed to the growth, and the Group continues to develop its pipeline of new projects together with customers. Further growth is supported by a strong order backlog including options at 2.2 billion, and a solid financial position.
For the third quarter alone, revenues were NOK 194 million, compared with NOK 98 million in the third quarter last year. All segments contributed to the progress, with especially strong, profitable growth from the Landbased segment. Newly acquired C.H. Evensen represented NOK 14 million of the increase in the third quarter, being included in the Vow group from 1 April 2022. In addition,
the cruise industry is gaining speed which resulted in improved activity levels for Aftersales and continued strong revenue growth within Projects Cruise.
EBITDA before non-recurring items in the quarter 2022 was NOK 25 million, compared with NOK 8 million in the same period last year, supported by positive and improved EBITDA result in all segments.
Solid order backlog
The order backlog currently stands at NOK 1 326 million, up from NOK 1 284 million one year earlier and NOK 1 291 million at the start of the year. In addition to the firm backlog, shipowners have placed options on the newbuild series being equipped with Scanship systems amounting to NOK 863 million in likely future revenues related to the Projects Cruise segment.
“It is great to see that 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 programmes being planned, newbuilds and retrofits, to meet customers and investors’ expectations for green cruising,” said Henrik Badin, CEO of Vow ASA.
“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
