Veem (ASX: VEE) is a manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries.
Veem announced a very positive financial update this morning. The half year result ending December 31st 2020 revealed positive changes across all line items on its income statement. While the results are unaudited and the audited full year update is expected by the end of the month, the share price has been soaring today.
Revenue increased by $28.4 million as sales of Veem Gyos and propulsion products increased. The commencement of deliveries to ASC under the Collins class submarine maintenance contract has also brought in revenues during the period.
EBITDA grew by 111% compared to H1 FY 2020 to $5.7 million. Profit before taxes is known to have increased by a whopping 483% as the line item saw a growth of $600,000 compared to the previous corresponding period, and with the current numbers showing $3.5 million. VEEM expects a net profit of $3 million after tax (NPAT), which implies a rise of 233% from the corresponding period of last year.
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