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LONDON, United Kingdom, Feb. 25, 2020 (GLOBE NEWSWIRE) -- VivoPower International PLC (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 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.”
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.
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.