VivoPower International PLC, of which Arowana International is a Majority Stakeholder Reports Unaudited Financial Results For...
February 25 2020 - 11:25PM
Business Wire
Revenues Grew 63% to a Record High of
Us$31.4 Million
Critical Power Services Business Saw
Remarkable Growth of 66% to Us$5.6 Million
Positive Adjusted Ebitda of $5.5 Million for
the Period
VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the
“Company”), an international solar and critical power company,
today announced its results for the six months ended December 31,
2019.
Highlights for the Six Months Ended December 31, 2019:
- Revenue of $31.4 million, up 63% over same period in prior
year;
- Gross profit in Critical Power Services increased by 80% to
$5.6 million, on the strength of 66% revenue growth and improved
margins in this segment;
- Further 42% ($2.1 million annualized) reduction in Corporate
Office and Solar Development overheads;
- Positive adjusted EBITDA of $5.5 million for the period;
- Total profit after tax for the period of $1.1 million; and
- Earnings per share (EPS) of $0.12.
“We are very pleased with the financial results for the year to
date; reporting a profit for the first time since March 31, 2017,”
said Art Russell, VivoPower’s Interim Chief Executive Officer.
“Returning to sustained profitability has been our primary
strategic objective and this has been accomplished through the
dedication and hard work of our team to expand the business into
sectors with strong tailwinds, optimize our operations, reduce
costs, and focus on profitability.”
Kevin Chin, VivoPower’s Chairman, added: “We have had to
overcome a myriad of challenges for VivoPower since its IPO. The
focus, dedication and resilience of the leadership team over the
past 12 months has been key to the strong turnaround and growth of
VivoPower, particularly in Australia. Our objective now is to build
on the base that we have created and continue to scale up the
business in a sustainable and profitable manner. In addition, we
remain very focused on driving value creation for our US solar
portfolio with a view to maximizing proceeds from monetization.
This will then pave the way to consideration of a strategic pivot
at the appropriate time, as previously flagged.”
Arowana International Limited (ASX:AWN) maintains a majority
(60.3%) shareholding in VivoPower and continues to work closely
with its leadership team to drive results.
About VivoPower
VivoPower is an international solar and critical power services
business, providing critical energy infrastructure generation and
distribution solutions to a diverse range of commercial and
industrial customers, including the development, construction, and
sale of photovoltaic solar projects.
About Arowana
Arowana is an ASX-listed operator of small and medium-sized
enterprises. As operators and investors with a contrarian, long
term mindset focussed on scaling up sustainable enterprises,
Arowana’s purpose is to grow people, companies and value.
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version on businesswire.com: https://www.businesswire.com/news/home/20200225006142/en/
VivoPower Investor Relations shareholders@vivopower.com
Arowana Investor Relations Benn Lim (02) 8083 9800
investorrelations@arowanaco.com
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