Revenue, GP, and EBITDA decline due to strict COVID-19 lockdowns in Australia
Strategic pivot to enter commercial electric vehicle (EV) market completed with Tembo e-LV acquisition
Completion of 100% purchase of Tembo post-balance date ahead of plan
Execution of transformational $250 million partnership deal with GB Auto in Australia
First sustainable energy solution (SES) deal with Tottenham Hotspur Football Club
Highlights for the half-year ended December 31, 2020 (and key post-balance date events):
- Group revenue declined 28% due to strict COVID-19 lockdowns in Australia affecting Aevitas business.
- Group gross profit down 17% year-on-year to $4.6 million, but group gross profit margin up to 20% (from 18%) reflecting efficiency gains.
- Underlying group-adjusted EBITDA profit of $1.2 million, representing a decline versus $5.5 million in previous corresponding period.
- Completed equity capital raise in October 2020 raising $28.8 million, including overallotment.
- Acquisition of 51% of Tembo e-LV B.V. (Tembo) completed on November 5, 2020, with results above only containing two months’ contribution.
- Completed acquisition of remaining 49% of Tembo post-balance sheet date on February 2, 2021.
- Consummated landmark partnership deal with GB Auto in Australia worth an estimated $250 million on January 25, 2021.
- Announced today a marquee deal with London-based Tottenham Hotspur Football Club (Tottenham) to provide a full suite of sustainable energy solutions for Tottenham’s key infrastructure assets.
VivoPower's interim results presentation can be viewed here.