Savosolar Plc’s business review for January–September 2020

Revenue and profitability continued to develop favourably

Savosolar Plc
Business review                26 October 2020 at 8.45 (CET)

Savosolar Plc’s business review for January–September 2020: Revenue and profitability continued to develop favourably

Key figures in July–September 2020

• Savosolar’s revenue in July–September amounted to EUR 1.7 million (July–September 2019: EUR 0.1 million).
• Operating result (EBIT) amounted to EUR -0.8 million (EUR -1.3 million).
• Net result totalled EUR -1.0 million (EUR -1.3 million).

Key figures in January–September 2020

• Savosolar’s revenue in January–September amounted to EUR 3.7 million (January–September 2019: EUR 1.8 million).
• Operating result (EBIT) amounted to EUR -2.6 million (EUR -3.6 million).
• Net result for the period totalled EUR -3.5 million (EUR -4.6 million).

Savosolar’s CEO Jari Varjotie:

“Our business continued to develop favourably during the third quarter despite the Covid-19 pandemic, which we are very happy with. Our turnover in January-September doubled year-on-year.  

We were able to continue the ongoing client projects in Central Europe after the lifting of the restrictions imposed due to the Covid-19 pandemic in the early summer. In the third quarter, we signed an agreement on the delivery of a solar thermal system to the City of Narbonne in France. System is ordered by the same client, NewHeat SAS, for whom Savosolar already delivered a solar thermal system in Condat, France for the process heat generation of a paper mill in 2019. The new order serve as proof of our ability to deliver our customer promises.  

Our order backlog at the end of September stood at EUR 2.2 million (EUR 4.8 million). At the end of the reporting period, the order backlog was at a good level. The order backlog of the comparison period was increased by the signing of the Issoudun contract, the company’s larger order to date, in the early autumn of 2019.

The value of our projects in the sales pipeline at the end of the reporting period was approximately EUR 279 million, being approximately EUR 260 million at the end of July. Of this, the total value of the projects in the tendering and planning stage amounted to approximately EUR 103 million (EUR 94 million at the end of June). The sales pipeline includes all the active projects entered in the company’s sales management system.