Q1 2020 financial results
(WorldNews Environment)

AqualisBraemar`s 2020 first quarter results HIGHLIGHTS Q1 2020 Revenues of USD 19.8 million (Q4 2019: USD 18.8 million. Q1 2019: USD 17.4 million pro-forma combined, USD 8.2 million Aqualis stand-alone) Revenue for renewables up 57% compared to Q1 2019 Operating profit (EBIT) of USD 1.3 million (Q4 2019: USD 0.4 million. Q1 2019: USD -0.2 million Aqualis stand-alone) Adjusted EBIT of USD 1.4 million, representing a 7% margin Quarterly improvement in most segments - Middle East and Europe particularly positive Billing ratio of 75%, up from 69% in Q4 2019 Backlog increased 37% driven by the floating offshore wind Erebus contract No significant group-wide impact of COVID 19 to date Continued...