The VivoPower turnaround process continues to gather momentum, with a significant increase in the forward order book across the Aevitas business units in Australia, Kenshaw and J.A.Martin, to another new all-time record high of A$75m. This represents an increase of over 100% in a year, with expectations that this will be realised over the next 12 months.
Executive Chairman Kevin Chin noted: “The turnaround process is largely complete with respect to the Aevitas business units, and they have entered a scaling up growth phase. The growth momentum these businesses have today is pleasing, especially given that both businesses were facing declining growth and margins back in 2015. The strong growth outlook today, not just in revenue terms but also margins, is a result of a strategic pivot we initiated three years ago with a push into new markets across solar power, data centres, hospitals, and other infrastructure segments of the market. Both businesses now have a diverse and growing base of customers across different industries, with increasing repeat business from customers. In addition, the recruitment of growth-minded leaders to the business units has been key.”
In addition, Kevin said: “Separately, on the US front, VivoPower has initiated a strategic pivot with respect to the objective of maximising value of its US solar project portfolio and is executing on this strategy.”