VivoPower International PLC (“VivoPower” or the “Company”) is changing its financial year end to 30 June, with effect from 30 June 2019, This is being done to deliver on further productivity and cost savings by harmonising with the financial year end of its ultimate parent entity, Arowana International Limited, This Chairman’s Statement is accordingly for the three month period ended 30 June 2019. The key developments during this period were as follows:
- Year on year revenue growth of 49% with a positive underlying EBITDA result of $0.4 million for the quarter;
- Further growth in operating cashflow, resulting in unrestricted net cash balance increasing from $4.5 million to $7.1 million;
- Continued balance sheet improvement, with a further reduction in net debt from $14.7 million to $13million (excluding the effect of the change in accounting policy with respect to leases);
- Further 58% increase in Australian Critical Power Services forward order book to another all-time record of $54.2 million; and
- Additional value adding progress made in both the Australian as well as US solar development businesses.
VivoPower FY2019 ending 30 June 2019 Annual Report