VivoPower International PLC (VVPR) Q4 2021 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by, and welcome to the VivoPower International PLC Fiscal 2021 Four-Year Earnings Conference Call. At this time, all participant lines are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star then 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star then 0. I would now like to hand the conference over to your speaker today, Kevin Chin, Chairman and CEO. Please go ahead. Thank you and welcome everybody to earnings result call. I'm going to start on page two of the presentation. So in a nutshell, it's been an unusual year. We've had results impacted by COVID lockdowns, but we've also delivered some transformational milestones which have really transformed the growth trajectory of the company. Group revenues were down 16%. That compares to $48 million for the previous year. And as I mentioned, that's driven by COVID-19-related lockdowns, which caused operational disruption and project delays in our Australian business. That figure includes a $1.4 million contribution from Tembo, for the eight months that we owned that business since acquiring it back in November 2020. That's slightly below where we expected it to be, again, based on border closures that impacted deliveries to Australia. Gross profit declined as well by 11% due to the fall in revenue. This was partially offset by some margin improvements, so gross margins increased from 14.7% to 15.6%. As a result of some efficiency gains, we were able to eke out a critical power business in Australia. Our overheads increased deliberately due to investments that we made in people...