Cavotec Posts 2015 Financials
Mooring, berthing and shore power company Cavotec has released its full-year financial results for the most recent financial year, in which it generated revenue of US$256.1 million, with a 7.6% increase in revenue for Q4, 2015.
Its quarterly operating result for Q4, 2015 ended with a profit of $9.7 million.
Ottonel Popesco, CEO of Cavotec, said: “Q4, 2015 performance followed our expectations with revenues amounting to EUR 78.8 million [$86.8 million], a 7.6% increase compared to our last record in Q4, 2014, thereby making Q4, 2015 the best quarter in Cavotec's history.
“Currency exchange differences made a positive impact on the quarterly result and organic growth was positive at 2.1%. Gross margin remained stable for the quarter. Q4, 2015’s order intake increased 11.0% year-over-year: a $60.4 million rise.
“Our core innovation MoorMaster continued to perform well in Q4, 2015, with two orders for the automated mooring technology.
“We also reached an important MoorMaster milestone in Q4, 2015, having passed a total of more than 150,000 mooring operations at Ro/Ro, container and bulk handling, and lock applications around the world.
“The uncertainties of the current economic climate and the resulting turbulence in both the financial and industrial markets will impact Cavotec.
“To ensure Cavotec is well prepared for these challenges, I am, together with the senior management team, drawing up a plan to immediately streamline our operations, lower our cost structure and refocus our sales efforts.”
Mr Popesco concluded: “Our aim remains to secure growth in our core businesses, and I am confident that our markets continue to offer sufficient potential to do this. Investing in innovation has been essential for Cavotec's growth and remains an important pillar of our future strategy.”