VivoPower International PLC (VVPR) Q2 2021 Earnings Call

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WEBVTT 00:00:00.049 -- 00:00:05.011 Welcome to the Viva Power International half-year results presentation for the six months 00:00:05.011 -- 00:00:07.473 ended 31 December 2020. 00:00:07.473 -- 00:00:12.235 I'm going to kick off with a strategic and operational review, and then I'll also cover 00:00:12.235 -- 00:00:15.997 the financial review for the period. 00:00:15.997 -- 00:00:22.079 So just going straight to the executive summary, which is set out on page three. 00:00:22.079 -- 00:00:28.397 The headline is our results for the half-year were affected by strict COVID lockdowns. 00:00:28.397 -- 00:00:33.459 But our growth outlook is very strong as a result of the Tembo 00:00:33.459 -- 00:00:35.319 acquisition. 00:00:35.319 -- 00:00:38.260 Our revenues declined 28% year-on-year 00:00:38.260 -- 00:00:43.341 to 22.7 mil, primarily as a result of strict COVID-19 lockdowns 00:00:43.341 -- 00:00:48.363 in Australia, causing delays to schedule works for our Avetis 00:00:48.363 -- 00:00:50.583 business units. 00:00:50.583 -- 00:00:55.564 As a consequence, gross profit decreased 18% year-on-year to 4.6 mil, 00:00:57.837 -- 00:01:02.941 And notwithstanding that, our GP margin did improve to 20% versus 18% 00:01:02.941 -- 00:01:08.286 in the previous corresponding year. And that was the result of strong focus 00:01:08.286 -- 00:01:12.748 on project execution and labor efficiency. 00:01:13.090 -- 00:01:18.495 Our EBITDA declined to 1.2 mil for the half-year period 00:01:18.495 -- 00:01:22.178 from 4.2 mil in the previous corresponding period. 00:01:22.178 -- 00:01:27.224 Again, the primary drivers were the COVID lockdown-related revenue drop But in 00:01:27.224 -- 00:01:32.409 addition, we did increase our headcount to support the hyperscaling of the Tembo 00:01:32.409 -- 00:0...