Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) for H1 2016 was EUR -0.7m, a significant improvement compared to the H1 pro forma result in the previous year (EUR -1.3m). The main contributor to this improvement was the cost reduction program implemented by management. Revenues of EUR 5.0m were slightly above the same period last year.
Various framework agreements were signed in the first half of the year, which are expected to show results in the traditionally stronger second half of the year. After setting up a new subsidiary, VTT Maritime West Africa Limited, OTI is pursuing a large number of very exciting opportunities in this vast new market.
Based on business development in the first half of the year, the promising order book and the pipeline OTI Greentech confirms its outook for 2016: EBITDA is expected to further improve significantly. Management expects to achieve a positive EBITDA and a doubling of the 2015 revenues to at least EUR 16m.
Final unaudited H1 2016 single company results for OTI Greentech AG will be published by end of September 2016.