VivoPower International PLC (VVPR) Q2 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by and welcome to Viva Power International PLC FY22 Half Year Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. If anyone should require assistance during the conference, please press star zero on your touchtone telephone. As a reminder, this conference call is being recorded. I would like to turn the conference over to your host, Mr. Kevin Shin. Please go ahead. Thank you and welcome everyone to the half year results presentation for Vivo Power. Let's jump straight to page four, the executive summary. So the headline is we've made good strategic progress over the last six months, but our results have been affected by extended COVID lockdowns in our key markets, particularly Australia. So the six month revenue decreased 11% year on year to 18.9 million. reflecting the lockdown regime that we had to contend with principally in Australia, which extended from July 21 and really just has finished now in February 22. And that's caused delays to scheduled works for the business units, as well as significantly curtailing kit deliveries as well. Our gross profit and GP margin both declined as a result of the revenue drop. And in addition, we incurred a $1.1 million one-off COVID-driven loss on the Bluegrass Solar Project in Australia. That was principally due to the Queensland border closure, which prevented us from sending staff up to Queensland. And additionally, we had a COVID outbreak on site, unfortunately, in January as well. EBITDA-wise, our adjusted EBITDA declined to minus $4.9 million versus positive $1.2 million from the previous corresponding period. Operating loss increased to $7.3 million v...