Vow Backs 2022 Guidance After 1Q Revenue Nearly Doubled

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By Dominic Chopping

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Norway’s Vow ASA on Thursday backed full-year guidance after first-quarter revenue nearly doubled on the year as activity gained momentum in all segments.

The company, which develops technology to purify wastewater and convert waste into clean energy, said it still expects revenue to nearly double in 2022 from 454 million Norwegian kroner ($48.4 million) in 2021.

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Earnings before interest, tax, depreciation and amortization in the first quarter 2022 rose to NOK23.6 million from NOK10.2 million in the same period a year earlier, as revenue rose 97% to NOK182.5 million.

At the end of the quarter, Vow had a total order backlog of NOK1.27 billion, up from NOK969 million at the end of the first quarter of 2021.

“The majority of the cruise fleet is back in operation,” Chief Executive Henrik Badin said.

“Vow and [subsidiary] Scanship are well positioned to continue supporting shipyards and the shipowners in their green transition and on their mission for an ever-cleaner ocean,” he said.

Global trends in the circular economy and energy markets, regulation, and economic realities, encourage industry and energy providers to decarbonize, which is creating unprecedented demand and interest for Vow’s technologies and solutions, producing renewable carbon and climate neutral gas at large scale, Vow said .

It is expected that the global cruise ship fleet will return to normal operations in 2022, and as an increasing share of cruise ships are delivered with Vow systems, the aftersales market is growing, the company added.

Write to Dominic Chopping at [email protected]

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Credit: www.marketwatch.com /

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