Activity was picking up in all parts of Vow ASA (OSE: VOW) in the second half and fourth quarter of 2023, and order backlog reached another record high at the end of year. This provides good visibility for revenues in 2023, which is estimated to nearly double from NOK 454 million in 2021.
EBITDA for the full year 2023 was NOK 43.5 million before non-recurring items. Profit before tax was NOK 325 million, reflecting the values created in the successful demerger of Vow Green Metals.
Revenues for the second half of 2023 was NOK 253 million, up 19 percent year-on-year, while revenues in the fourth quarter of 2023 was nearly 60 percent higher than in the previous quarter.
EBITDA margin before non-recurring costs was around 10 percent in both the last six months and the last three months in 2023, and all business segments were reporting positive EBITDA, with Cruise projects continuing to be the main contributor.
At the end of 2023, total order backlog was NOK 2.1 billion including NOK 0.8 billion in options, an increase of 36 percent during the year.
Outlook
“The record high order backlog provides good visibility for 2023, and revenues are estimated to nearly double. The cruise industry is bouncing back as cruise operators continue to renew and upgrade their fleets, and demand for aftersales continues to increase as more ships are returning to sea,” said Henrik Badin, CEO of Vow ASA.
“At the same time, our technology and solutions for sustainable production of advanced carbon products and climate neutral energy attract increasing interest from both industry and energy companies, and most recently also from Europe’s second largest gas distributor, GRTgaz, which aims to replace all fossil gas in their grid with renewable gas by 2050,” Badin added.
Please see the attached report and presentation for more information about the half-year and full year financial results and operational performance (see link at end of document)
Today at 09:00 CET, the company’s CEO Henrik Badin will present the results live at Haakon VII’s gate 2, 0161 Oslo. Participants are welcome to participate in person or to follow the presentation via livestream. The stream will also be available for replay on www.vowasa.com (http://www.vowasa.com) 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/20220223_1/
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: [email protected]
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: [email protected]
About Vow
Vow and its subsidiaries Scanship 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.
Cruise ships on every ocean have Vow technology inside which processes waste and purifies wastewater. Fish farmers are adopting similar solutions, and public utilities and industries use our solutions for sludge processing, waste management and biogas production on land.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels to help decarbonise industry and convert plastic waste into fuel, clean energy, and high-value pyro carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven. They are key to end waste and stop pollution.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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