Vow ASA: Q1 2024 - On steady course
14 Mai 2024 - 7:00AM
Vow ASA: Q1 2024 - On steady course
Oslo, 14 May 2024 – Vow ASA (OSE: VOW)
had revenues of NOK 232.3 million in the first quarter. As
previously guided with respect to profit, it has been a soft start
to the year. The EBITDA margin was 2.4 per cent. Ongoing
cost-saving initiatives and efforts to improve gross margin in
projects are expected to have an increasingly positive impact
throughout the year. The order backlog remains solid at NOK 1 066
million.
The group had revenues of NOK 232.3 million in the first quarter
of 2024, compared to NOK 235.7 million in the first quarter
last year. Revenues are in line with previous quarters, and the
company has returned to a positive EBITDA result after two
consecutive negative quarters. EBITDA was NOK 5.6 million in the
first quarter of 2024.
“We note that both the Maritime Solutions and the Aftersales
segments delivered double digit EBITDA margins in the quarter. In
the Maritime Solutions segment, the EBITDA margin has turned
positive after temporarily reduced margin levels in 2023.
Industrial Solutions, meanwhile, continued to be impacted by costs
related to capacity build-up and delayed order intake,” said Henrik
Badin, CEO of Vow ASA.
Comprehensive cost reduction programmes are underway, coupled
with initiatives to reduce administration costs. These measures are
already showing effects and are expected to generate an
increasingly positive impact throughout the year. Some initiatives
will likely involve one-off costs in the second quarter, but Vow
reiterates its EBITDA target of 15 per cent from 2025.
“It will be important to secure and execute new contracts to
meet revenue and EBITDA targets, and across the group we are
bidding and negotiating new contracts reflecting current price
levels and with improved payment terms,” said Badin.
The order backlog currently stands at NOK 1 066 million
including contracts announced in the second quarter this year,
compared with NOK 1 226 million one year earlier and NOK 1 034
million at the start of the year.
Along with the firm backlog in cruise, tender activity is high.
Cruise operators are currently renewing their fleets and preparing
to place new orders at yard for ships with bigger and more advanced
systems, replacing options with lower margins that have now
expired. Vow is receiving encouraging feedback also from customers
in Industrial Solutions with three large industry projects nearing
final investment decision, and a significant pipeline of projects
for which Vow technology remains highly relevant.
Key figures – Vow Group
Amounts in NOK million |
Q1 2024 |
Q1 2023 |
2023 |
Revenues |
232.3 |
235.7 |
918.5 |
EBITDA |
5.6 |
26.0 |
-54.7 |
EBITDA margin |
2.4% |
11.0% |
-6.0% |
Order backlog |
1 066 |
1 226 |
1 034 |
Presentation and webcast
CEO Henrik Badin and CFO Tina Tønnessen will present the results
at 09:00 CEST today. The presentation will be held at Haakon VII's
gate 2, 0161 Oslo. Participants are welcome to join in person or
via livestream. The streaming link will also be available for
replay after the event. The session will be held in English.
To register and join the webcast, please paste the following
link into your browser, click 'Attend' and register your
e-mail:
https://channel.royalcast.com/landingpage/vowasa/20240514_1/
Please see attachments for further detailed
information:First quarter 2024 trading updateFirst quarter
2024 presentation
For more information, please contact:
Henrik Badin, CEO, Vow ASA Tel: +47 90 78 98 25 Email:
henrik.badin@vowasa.com
Tina Tønnessen, CFO, Vow ASA Tel: +47 406 39 556 Email:
tina.tonnessen@vowasa.com
About Vow ASA
Vow and its subsidiaries Scanship, C.H. Evensen and Etia are
passionate about preventing pollution. The company's world leading
solutions convert biomass and waste into valuable resources and
generate clean energy for a wide range of industries.
Advanced technologies and solutions from Vow enable industry
decarbonisation and material recovery. Biomass, sewage sludge,
plastic waste and end-of-life tyres can be converted into clean
energy, low carbon fuels and renewable carbon that replace natural
gas, petroleum products and fossil carbon. The solutions are
scalable, standardised, patented, and thoroughly documented, and
the company's capability to deliver is well proven.
The company is a cruise market leader in wastewater purification
and valorisation of waste. It provides technology and solutions
which enable industries to transition towards a fossil-free future
by converting biomass and waste into valuable resources and clean
energy. The company also has strong niche positions in food safety
and robotics, and in heat-intensive industries with a strong
decarbonising agenda.
Located in Oslo, the parent company Vow ASA is listed on the
Oslo Stock Exchange (ticker VOW).
The information is such that Vow ASA is required to disclose in
accordance with the EU Market Abuse Regulation. This information is
subject of the disclosure requirements pursuant to section 5-12 of
the Norwegian Securities Trading Act.
- Vow - Trading update Q1 2024
- Vow - Presentation Q1 2024
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