Oslo, 29 August 2024: For the first half-year, Vow ASA (OSE: VOW) had revenues of NOK 485.0 million, representing an increase of 8.1 per cent from NOK 448.7 million for the same period in 2023. All business segments contributed to the growth.
EBITDA before non-recurring items was NOK 26.1 million, corresponding to a margin of 5.4 per cent. The results for the first half-year of 2024 represent a marked progress from the second half of 2023, when reassessments of project accounts and balance sheet items resulted in operating losses.
Over the recent months, Vow has delivered on cost reduction programs with estimated annual cost savings in the range of NOK 40-50 million for FY 2024 compared with FY 2023.
“Over the past period, Vow has been through a significant turnaround showcasing enhanced operational efficiency. With a solid order backlog, increasing revenues, and improving margins across all business segments, Vow demonstrates a promising financial outlook,” said Henrik Badin, CEO of Vow ASA.
At the end of the first half-year, the order backlog was NOK 1 061 million and another NOK 316 million in options.
“Vow’s activities are driven by three robust and expanding businesses. Moreover, the group has two large projects underway demonstrating the relevance of Vow solutions for landbased industry, and a rich pipeline within circular solution opportunities,” Badin added.
Subsequent events
Vow has obtained amended bank facilities with improved covenant headroom. The agreement is subject to agreement on final documents and strengthening of the group's balance sheet with an equity improvement of NOK 125 million.
Vow has undertaken preliminary soundings in the market and continues to explore the possibility of carrying out a share issue to satisfy the required strengthening of the Company's balance sheet. The Company is also considering other ways to strengthen its equity position.
CEO Henrik Badin and CFO Tina Tønnessen will present the results on Thursday 29 August at 09:00 CET. The presentation will be held at Hotel Continental (Teatersal 2) at Stortingsgata 24 in 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/20240829_2/
Please find enclosed the report for the first half-year.
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 recycling. 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 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).
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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