LONDON--(BUSINESS WIRE)--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.
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.
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.