The group had revenues of
“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
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
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 –
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
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 update
First quarter 2024 presentation
For more information, please contact:
Tel: +47 90 78 98 25
Email: henrik.badin@vowasa.com
Tina Tønnessen, CFO,
Tel: +47 406 39 556
Email: tina.tonnessen@vowasa.com
About
Vow and its subsidiaries
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
The information is such that
Attachments
- Vow - Trading update Q1 2024
- Vow - Presentation Q1 2024
© OMX, source