VivoPower and its wholly-owned subsidiary, Tembo e-LV B.V., have entered a non-binding Heads of Terms with leading ruggedised vehicle converter Arctic Trucks for Arctic Trucks to convert and distribute Tembo electric light vehicles in Norway, Sweden, Iceland, and Finland.
Under the proposed agreement, Arctic Trucks would commit to purchase 800 Tembo e-LV conversion kits through December 2026. Based upon the company’s estimates, these orders could be worth an estimated US$58m in total value over the life of the proposed agreement. The proposed agreement must be finalised prior to June 30, 2021, unless the parties agree to an extension, and all purchase commitments would be subject to the terms and conditions set forth in the final agreement.
The Tembo kits transform diesel-powered Toyota Land Cruiser and Hilux vehicles into ruggedised e-LVs for use in mining and other hard-to-decarbonise sectors, including construction and defence. Alongside solar generation, battery storage, and on-site power distribution, Tembo e-LV products are a key component of VivoPower’s turnkey net zero solutions for corporate decarbonisation.
This proposed agreement would mark VivoPower’s third major distribution deal in 2021 for Tembo e-LVs across three continents and would continue to advance the company’s aim to build a global Tembo distribution network before the end of this year. The company previously completed a distribution deal with GB Auto Group in Australia in January, and announced a non-binding Heads of Terms with Acces Industriel Mining Inc. for distribution of Tembo e-LVs in Canada last week. The latter deal is expected to be formalised before the end of June.
Arctic Trucks specialises in the re-engineering and conversion of four-wheel drive vehicles for extreme conditions, particularly in the harsh polar regions. Arctic Trucks vehicles have enabled ventures to the North Pole and erupting Icelandic volcano Eyjafjallajökull on television’s Top Gear and set the Guinness World Record for the fastest overland journey to the South Pole. Those credentials made Arctic Trucks a natural choice for a partnership to convert and distribute Tembo e-LVs designed for mining and other ruggedised applications.
Kevin Chin, Executive Chairman and CEO of VivoPower, said: “We are extremely pleased to be partnering with Arctic Trucks to expand the distribution reach of our Tembo vehicles. Tembo e-LVs are engineered and built to enable decarbonisation through fleet electrification in some of the world’s harshest and most carbon-heavy industries. Arctic Trucks are no strangers to the challenges of engineering vehicles for ruggedised environments, and we look forward to working with them to help mining and other customers in the Nordic regions achieve net zero carbon goals previously thought impossible.”
Under the proposed agreement, it is intended that Arctic Trucks would commit to purchase the 800 kits from VivoPower as scheduled over the duration of the agreement, acquire an equal number of Land Cruisers or Hiluxes from Toyota, convert the vehicles to ruggedised e-LVs using the Tembo solutions, sell the units on, and be retained by customers for servicing and maintenance.
VivoPower and Arctic Trucks intend to finalise the proposed agreement as soon as practicable.
Alicorn, the global venture capital arm of Arowana, has just closed its investment in Pliops, an Israeli hardware storage acceleration company. It comes at a key growth inflection point for Pliops and represents the sixth company that Alicorn has invested in as part of its global venture capital secondaries strategy.
Alicorn has invested a total of US$4m to acquire secondary shares in Pliops, a technology leader that enables cloud and enterprise customers to offload and accelerate data-intensive workloads using a fraction of the computational load and power at significantly lower cost. Its solution is helping companies and data centres deal with an explosion in data workloads as CPUs struggle to keep up. Their patent-backed hardware offers breakthrough economics and performance for a wide range of data centre applications.
Pliops’ client base includes some of the world’s largest cloud, web, and edge service providers in addition to Fortune 1,000 IT companies. The company is backed by leading companies in the compute and storage space including Western Digital, Xilinx (AMD), Mellanox (NVIDIA), Intel, and most recently, Koch Disruptive Technologies (KDT).
As a storage processor company, Pliops is solving a business-critical yet worsening problem: exponential growth in data workloads combined with an end to Moore’s law. This convergence of trends is creating a race to solve a massive compute problem that we are consistently losing.
The company’s hardware-based solution eliminates the inherent inefficiencies present in both databases, analytics, machine learning, and software-defined storage and is already proving itself as the solution to the problem. We are very excited to be working with Uri Beitler and the team at Pliops. We are confident in their ability to execute and grow, and look forward to the journey ahead.
Jos van der Linden has joined our team as Managing Director (Netherlands) for our electric light vehicle division, Tembo e-LV B.V.
Jos is a seasoned executive who has spent his career at the forefront of vehicle electrification and renewable energy. For more than a decade, he worked for Spijkstaal Elektro, an innovative international company that was the first in the market to convert internal combustion engine cars into fully electric and serial electric hybrid vehicles. He has also been a leader in the development of many customer-specific, electrically driven solutions in various markets, with experience in battery technology, solar, and wind energy applications.
In addition to his years of experience delivering sustainable energy solutions, Jos has held several management positions within both family businesses and publicly traded companies. He has a background in business economics, supplemented with studies in the fields of Sustainable Materials Management and Electric Vehicles and Mobility.
Jos possesses extensive direct experience in the development of electric vehicles, battery technology, and related electric power solutions. We are delighted to welcome him to VivoPower and look forward to his leadership as we hyperscale the Tembo business.
VivoPower also recently welcomed James Howell-Richardson as General Counsel. Based in London, James spent the last decade working as part of the senior leadership team for NYSE-listed Bristow Group Inc., the world’s leading global helicopter operator. In that role, he oversaw the legal function and several technical areas including joint ventures, mergers and acquisitions, corporate governance, public procurement, and commercial contract negotiations with blue-chip clients.
James has led and been an integral part of numerous complex corporate and organisational restructures and transformations. He has also held several international directorships across the globe. His depth of strategic, management, and legal knowledge gives him an all-around ability to help support and deliver the objectives of VivoPower. He will be a vital member of our leadership group.
In this paper, we study the behaviours and similarity profile of country financial indices, sector financial indices, and equities over the past 20 years.
First, we introduce a new methodology to determine the similarity of 20 countries and 11 sectors with respect to their time series’s structural breaks. We introduce a new metric that can quantify distance between any two candidate sets, where a probability distribution determines the uncertainty surrounding the locations of various elements. Next, we turn to US equities, where we administer three separate experiments. First, we analyse the evolution of equity crisis correlations over time, highlighting the increase in equity similarity in recent years, and in times of market panic. Next, we investigate the collective similarity of equity trajectories over time and demonstrate greater distance between trajectories during times of crisis. Finally, we explore the dynamics of our equity market collection, via a time-varying principal component analysis. We highlight current areas of difficulty in spreading investments among assets exhibiting homogenous behaviours, and suggest approaches that may improve investor diversification.
Motivation of this study
In March-June 2020, global markets exhibited extreme behaviours due to the COVID-19 crisis. Investors struggled amidst declining asset prices and volatility, as many "traditional" diversification strategies did not appear to be effective. In fact, intra-asset correlations seemed to be particularly high—even relative to previous market crises. This triggered our curiosity, and we thought it warranted a thorough investigation.
Despite the wealth of data available to financial market participants, there is a tendency for many investors to focus on the recent past. This is sensible. Market dynamics are continuously changing, and although history may rhyme, it certainly doesn’t repeat itself and financial market behaviours in 2020 are most unlikely to be identical to those in 2000 as many aspects of financial markets have altered substantially over the past two decades.
This paper is written with a different purpose. We wish to study how country, sector, and equity behaviours have evolved over the past 20 years—especially during times of crisis. We introduce new methodologies to examine changes in erratic behaviours, trajectories, and time-varying dynamics.
We break our analysis into two parts. First, we study the similarity in structural breaks among countries and sectors. This analysis could be useful for any asset allocator or investor looking to diversity their investments with respect to country or sector exposure. Second, we study S&P 500 equities, and explore the evolution of correlations, trajectories, and time-varying dynamics. Insights from this work could be used by any global equity investor interested in the dynamic phenomenology exhibited by equities over the past 20 years.
Data
Our country and sector data spans 4/1/2002–8/10/2020 and 4/1/2000–8/10/2020 respectively, and measured daily. The countries we analyse include Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, the Netherlands, Russia, Saudi Arabia, Spain, Switzerland, Turkey, the UK, and the U. The sectors we analyse include Communications, Consumer Discretionary, Consumer Staples, Energy, Financials, Healthcare, Industrials, Information Technology, Materials, Real Estate, and Utilities. Our equity data spans 3/1/2000–8/10/2020. We study all S&P 500 equities in existence from the date of inception until the end of our analysis window. This leaves us with 347 equities, and all our data is sourced from Bloomberg.
Erratic behaviour modelling
In this section, we study the similarity in the erratic behaviours of 20 country indices and 11 financial market sectors. To determine similarity, we apply a change point detection method to each time series and generate sets of change points. Importantly, we use a methodology that detects change points based on changes in the power spectrum. This alleviates issues that many change point detection methodologies face when confronted with dependent data. Prior work has demonstrated that the methodology applied in this paper appropriately detects change points in piecewise autoregressive processes, highlighting the algorithm’s ability to partition dependent data. For those interested in the methodologies applied, please see one of the following papers:
As dependence is often the case in financial time series, we use the aforementioned technique. This methodology is implemented in a Bayesian framework, and captures uncertainty around candidate change points. We adjust a previously introduced semi-metric to account for uncertainty surrounding candidate change points when measuring distance between sets.
The erratic behaviour cluster structure of the country financial indices suggests that there is one predominant cluster of countries and several other diffuse clusters. The primary cluster consists of Korea, Turkey, France, Italy, Switzerland, Netherlands, Canada, Australia, Germany, Saudi Arabia, the UK, and the US. The collection of outlier countries includes Russia, Brazil, Spain, and China. These cluster memberships and associated change points may be due to substantial similarity in the geographic location and political association of such countries, leading to similar market behaviours during events such as Brexit. Notably, Spain is determined to be markedly less similar than its European counterparts. The most anomalous country within the collection is China. This is unsurprising, as many of the idiosyncratic restrictions related to their local equity market may provide different dynamics to those exhibited by other financial markets.
The sector erratic behaviour dendrogram consists of 2 clearly separated clusters. The primary cluster consists of all stocks The sector erratic behaviour dendrogram consists of two clearly separated clusters. The primary cluster consists of all stocks except materials and consumer staples. Interestingly, the utilities, communications, and IT sectors exhibit no structural breaks in the period between 2012–2019. By contrast, several change points are detected in the materials sector time series during this time window. Change points are also detected between 2012–2019 in the sector time series within the predominant cluster (financials, consumer discretionary, etc.). Figure 4 displays the log returns and detected change points for the communications, utilities, and materials sectors. One can see the stark difference in the propagation of structural breaks in the period between 2012–2019.
To compare the degree of similarity between countries and sectors, we compute the matrix norms of our erratic behaviour matrices, and normalise them by the number of elements in the matrix (as there is a different numbers of countries/sectors in our previous experiments). The country erratic distance matrix norm is higher than the sector erratic distancTo compare the degree of similarity between countries and sectors, we compute the matrix norms of our erratic behaviour matrices, and normalise them by the number of elements in the matrix (as there is a different number of countries/sectors in our previous experiments). The country erratic distance matrix norm is higher than the sector erratic distance matrix norm. The smaller value in the sector norm suggests that the erratic behaviour profile is much more similar among sectors than it is among countries. This could suggest that diversification benefits are more substantial to investors diversifying with respect to countries (as opposed to sectors).
In this section, we study 347 US equities over ~ 20 years. We break our analysis into three separate sections. First, we examine the behaviour of correlation coefficients during various discrete (and distinct) time periods. Next, we study the In this section, we study 347 US equities over ~ 20 years. We break our analysis into three separate sections. First, we examine the behaviour of correlation coefficients during various discrete (and distinct) time periods. Next, we study the collective similarity in rolling equity trajectories. Finally, we explore the time-varying eigenspectrum—as a means of highlighting periods in time where the “market effect” is most pronounced (indicated by the size of the leading eigenvalue).
In this section, we partition our analysis window into five periods: GFC, Peak GFC, Interim (the period between the GFC and COVID), COVID, and Peak COVID. The date windows for each time partition are as follows:
Within each period, we compute the correlation matrix for all equities in our collection, and plot the distribution of correlation coefficients.
Figure 5 presents two findings. First, there is clearly an increase in the correlation of equities during times of crisis. This is reflected in both the GFC and COVID-19 market crashes, but this spike in correlation is even more pronounced at the peak of these crashes. That is, the Peak GFC and Peak COVID distributions are centred further to the right than the GFC and COVID distributions respectively. Second, this increase in correlations has become more pronounced in recent times. Figure 5 suggests that equity behaviour has become more similar during times of crisis. The implications of this finding are alarming, and suggest that traditional Markowitz-inspired portfolio diversification frameworks have to be altered, at least within the context of pure equity portfolios.Figure 5 presents two findings. First, there is clearly an increase in the correlation of equities during times of crisis. This is reflected in both the GFC and COVID-19 market crashes, but this spike in correlation is even more pronounced at the peak of these crashes. That is, the Peak GFC and Peak COVID distributions are centred further to the right than the GFC and COVID distributions respectively. Second, this increase in correlations has become more pronounced in recent times. Figure 5 suggests that equity behaviour has become more similar during times of crisis. The implications of this finding are alarming, and suggest that traditional Markowitz-inspired portfolio diversification frameworks must be altered, at least within the context of pure equity portfolios.
In this section we study the rolling similarity in equity trajectories. To do so, we normalise all trajectories by their L_1 norm, and compute distances between all candidate trajectories on a 45 day rolling basis. Figure 6 demonstrates that periIn this section, we study the rolling similarity in equity trajectories. To do so, we normalise all trajectories by their L1 norm, and compute distances between all candidate trajectories on a 45-day rolling basis. Figure 6 demonstrates that periods of crisis provide the most heterogeneity in trajectories. In particular, the dot-com bubble, GFC, and COVID-19 market crisis all display spikes in the rolling norm computation.
Although there is an increase in trajectory distance matrix norms during periods of crisis, the direction of trajectories is still largely uniform. During crises, the overwhelming direction of equities is downward. The uniformity is confirmed in our correlation analysis, where correlation coefficients are more strongly positive. This is interesting.
Finally, we implement a time-varying principal components analysis, where we plot the percentage of explanatory vaFinally, we implement a time-varying principal components analysis, where we plot the percentage of explanatory variance exhibited by each eigenvector. Given that the first eigenvector represents the collective strength of the market, when there is a spike in the first element of the eigenspectrum, it is indicative of an increase in the strength of collective market behaviours.
Figure 7 shows spikes in the first element of the eigenspectrum during the dot-com bubble, GFC and the COVID-19 market crisis. This confirms our earlier findings in the study of correlations, indicating that market dynamics are markedly more homogenous during times of crisis.
Our erratic behaviour modelling highlights sectors and countries that behave most similarly and dissimilarly. Of the 20 countries analysed, there is one predominant cluster that consists primarily of European countries. The sector erratic behaviour analysis finds one primary cluster among the 11 sectors analysed. Materials and consumer staples are found to be most dissimilar to other sectors in terms of their erratic behaviours. Our (normalised) matrix norm analysis suggests that it may be more difficult to diversify across sectors than countries. This is highlighted by the larger value for the country erratic distance matrix norm. Our correlation analysis provides two insights. First, equity correlation has increased over time. Second, equity correlation spikes during market crises. Our trajectory analysis and rolling PCA indicates that although trajectories show the most heterogeneity during crises, collective market dynamics are strongest during these periods. Such findings could be of interest to global equities and international investors concerned with understanding market dynamics and diversifying their investment portfolios.
I have kept mathematical discussion/notation to a minimum for the sake of accessibility. For those interested in the mathematical details, please feel free to email me at [email protected]
Tottenham Hotspur, renowned as the English Premier League's greenest club, is taking its commitment to clean energy to the next level by teaming up with VivoPower as its official battery technology partner.
VivoPower is one of the world's most trusted sustainable energy solutions (SES) providers. The company enables businesses to integrate cutting-edge battery technology into their day-to-day operations.
The exclusive two-year agreement will see the Spurs and VivoPower exploring solutions that will help the club reduce the environmental impact of its activities and, ultimately, become a net zero carbon business.
Donna-Maria Cullen, Executive Director of Tottenham Hotspur, said: "Science points towards an urgent need for businesses to decarbonise, and the club is always open to new technologies and innovations to help achieve this core aim."
The agreement with VivoPower is the first partnership of its kind within the world of football and shows the Spurs' goal to maintain its status as the greenest club in the league. "The work of companies like VivoPower with businesses like ours could be seen in years to come as an essential part of limiting the impact of climate change," she added.
VivoPower aims to incorporate a large, solid-state battery with a capacity of more than 3 MW at the Spurs' stadium to bolster the venue's clean energy supply. The battery company is also looking to install rooftop solar panels, battery storage, custom microgrid controls, and electrical infrastructure at the training centre.
Kevin Chin, Executive Chairman and CEO of VivoPower, commented: "We are delighted to be working with Tottenham Hotspur on what would be our first full suite SES deal, our first deal involving infrastructure assets and our first SES deal in the UK. Tottenham not only has a fantastic history and heritage as one of the world's pre-eminent football clubs, but also tops the Sport Positive Rankings as the English Premier League’s most sustainable club.
"As VivoPower is a certified B Corporation, we have to be sure that our partners share our goals and ethos. Given Tottenham's excellent sustainability credentials, we know we're partnering with a sports business that shares our values and vision.
"Our deal encompasses all aspects of our sustainable energy solutions which are available to all corporates looking to decarbonise far more rapidly than their competitors. We hope to assist Tottenham by delivering a turnkey SES outcome that enables the club to accelerate towards net zero carbon status.
"Both the stadium and training ground projects will serve as perfect ambassadors for VivoPower's work as we grow rapidly and help decarbonise businesses across the UK and all major international markets."
Energy underlies the entire fabric of society and the global economy. It's the basis of everything we do and everything we produce. However, we also know now the major side effects of this carbon-hungry economic growth that we've had.
The most pressing issue the world faces this decade is the transition from fossil fuels to sustainable renewable energy. To drive exponential growth in sustainable energy use, first there must be political will globally. The good news is that, especially considering the COVID-19 pandemic, governments around the world have committed to a sustained focus on creating net zero carbon economies.
However, political commitments will only take us so far and are not enough and not sustainable in their own rights.
Our mission at VivoPower is to provide accessible solutions to corporates to accelerate their own decarbonisation. We are part of a new generation of B Corps acting as a catalyst for change, marrying the needs to decarbonise our future with solutions that fit current economic realities. We take a total solutions approach to the problems that companies are looking to address.
VivoPower has been designed from the ground up as a practical, effective, end-to-end decarbonisation solution for corporates. Over the years, we have assembled the components that a sustainable energy solution requires. From a base of solar power projects and equipment, we are now a single turnkey supplier of all sustainable energy hardware and infrastructure, and this includes our Tembo electric vehicles.
Our integration takes sustainable energy solutions out of the early adoptive phase. Without VivoPower's integrated solutions, the complexity of putting together sustainable energy components into an effective and economic solution would still somewhat hinder corporates from addressing energy challenges.
Today, DDLS announced DDLS People, a diversification from Australia’s largest provider of corporate IT, into strategic advisory and project management services.
The new business unit builds off DDLS’s 20-year history of delivering complex logistics and supply chain projects, as well as learning and development activities to the Australian government, primarily the Department of Defence.
DDLS People will continue to provide these services to the Department of Defence, while increasing and improving its offering to include strategic advisory and project management services. The new investment is aimed at expanding the company’s reach into the greater public sector, as well as private enterprises.
Jon Lang, CEO of DDLS commented: “This is an exciting step for DDLS, as we continue to expand our reach into strategic advisory services. The launch of DDLS People is our commitment to innovate the way we service our clients with skilled consultancy. DDLS People has a long and established history working with the Department of Defence and a range of government organisations and corporations to deliver successful programs and outcomes.”
DDLS People currently services some of the largest agencies within the Department of Defence and has a solid track record of delivering results with commitment and passion for the past two decades. Since its inception, DDLS People has delivered over 200 Defence projects and upwards of 1,000 logistics systems training courses per year to organisations such as the Navy, Army, and Air Force.
The DDLS Portfolio of business units now consists of DDLS Training, The Australian Institute of ICT, and DDLS People, with eight offices across Australia and Asia.
As investors and operators of enterprises, the Arowana team is all too familiar with how mission-critical technology is to businesses and consumers alike. A few high-growth companies are standout technologies in their space, and we are looking forward to supporting them on their next stage of growth.
Alicorn Global Ventures, our global venture capital firm, completed a busy first quarter of CY2021 with two secondary investments in fast-growing technology companies totalling US$13.5m. Both investments are proprietary opportunities that remain confidential at the time of writing.
Alicorn recently invested $3.5 million in a global DevOps software company with a continuous delivery and collaboration platform for cloud-native applications and microservices. Its modern CI/CD platform is designed for software development teams building and deploying cloud-native applications using containers, serverless, and Kubernetes.
Alexander Assim, Principal at Alicorn said: “DevOps is at the centre of two critical trends in enterprises over the last decade: a mass transition to cloud-native systems, and a new mission criticality to the performance of business software and IT infrastructure. Today, the average enterprise has approximately 500 custom applications and will develop and deploy approximately 40 new applications in a year. That challenge is being solved through CI/CD and DevOps automation.”
In addition, Alicorn has also completed a $10m co-investment in a mobile commerce monetisation company. The company’s AI/ML-powered technology enables frictionless commerce for users by presenting superior discovery recommendations, at the edge, thereby protecting user data from leaving the device. The platform infers what products and services the user might be interested in and generates recommendations in a seamless manner that complements existing user interaction. The company’s technology is distributed to millions of Android users worldwide through telecoms carriers, member organisations, and other entities. It recently received iOS-certification, further increasing its already significant addressable market.
“The company has achieved substantial growth through technology that improves the commerce experience of mobile device users without ever opening an application. We’re excited to be investing at such an inflection point for the team, before the release of their next product generation, and with it an exit from stealth,” notes Alexander Assim.
We are pleased to have led both investments in companies that already count the likes of Microsoft, Red Dot Capital Partners, and JRJ amongst their investors. We look forward to the journey ahead with our co-investors at Arowana and further investments from the wealth of opportunities we continue to see in the market.
The Australian Institute of ICT (AIICT), a division of DDLS, has introduced a new series of industry-certified bootcamp programs and nationally-recognised qualifications to meet the surging demand for skilled ICT professionals in Australia.
AIICT is a startup launched in 2019 by DDLS, Australia’s largest provider of corporate ICT and cybersecurity training. Since launch, AIICT has enrolled over 500 students, with enrolment numbers continuing to grow month on month. Through its unique Industry Partner Program, AIICT connects recent graduates with leading employers to help them secure a frontline role while simultaneously tackling skills shortages in the field.
The bootcamps support the Morrison government’s recently announced Digital Skills Organisation (DSO) pilot, which recognises the importance of non-accredited training to support the skills development of the future workforce. The bootcamp programs run for six months and comprise of several vendor-specific certifications. The courses include “Cloud Computing Certified Professional”; “Certified Microsoft Full Stack Developer”; “Certified Artificial Intelligence Professional”; “Growth Marketing Professional”; and “Certified Project Management Professional”.
The decision to introduce the bootcamps follows the VET sector’s increasing move away from nationally recognised qualifications to vendor-specific, industry-certified training. According to the National Centre for Vocational Education Research, preference for accredited training courses has declined steadily in recent years, with employers increasingly less satisfied that these courses provide their employees with the most relevant and important skills for their business. This has led many organisations to prefer non-accredited training provided by private technology vendors such as Microsoft and AWS.
Jon Lang, CEO of DDLS said: “Our customers are definitely showing a growing interest in non-accredited vendor certifications. One key reason for this is that employers want to develop skills that are highly relevant and specific to the programs and services their organisation uses daily. Non-accredited vendor certifications can be customised to the specific needs of the business, compared with traditional accredited courses which contain more broad course content.”
“While our industry certified bootcamp programs continue to gain popularity, there will always be a place for nationally-recognised qualifications, which cover all of the fundamentals and provide students with a solid foundation to launch their careers in technology. We understand that every individual and business have different training preferences, and it is imperative that we provide more training options in both the non-accredited and accredited realms if we are to tackle Australia’s critical ICT skills shortages.”
AWN Holdings Limited reports statutory operating revenue for the half-year ended 31 December 2020 of $57.9 million (2019: $68.6 million) due primarily to operational disruptions and delays in the commencement of projects within VivoPower’s Aevitas business unit due to COVID-19, offset by strong growth in revenue generated by EdventureCo’s DDLS business unit.
The statutory EBIT and loss after tax from continuing operations for the half-year ended 31 December 2020 were a loss of $3.6 million (2019: loss of $2.8 million) and a loss of $4.0 million (2019: loss of $5.0 million) respectively.
Group net cash position increased to $35.3m as at 31 December 2020 (30 June 2020: $12.6m), reflecting VivoPower's successful capital raising.
For further information, please follow the links below:
AWN Interim Financial Report for the Half Year Ending 31 December 2020
AWN Investor Presentation for the Half Year Ending 31 December 2020
AWN Interim Results Update with CEO, Kevin Chin and CFO, Cameron Fellows (Audio)
