* Revenue up +22%, higher than the targets announced
* Operating profitability maintained against the backdrop of strategic
investments related to a sharp increase in the ballast water treatment
activity in H2
* Positive net income
* BIO-SEA 2019 order book, at end-March, already nearly 20% higher than 2018
* Very good visibility in historical markets with expected growth in 2019
BIO-UV Group (ISIN code: FR0013345493/Ticker: ALTUV), a specialist in UV water
treatment systems, today announced the publication of its 2018 financial
statements, approved during a Board of Directors' meeting on 10 April 2019 and
audited by the Statutory Auditors. The 2018 annual financial report is
available on the Company's website (www.bio-uv.com).
In EURk, at 31 December 2018 2017
Revenue 12,415 10,181
EBITDA 859 1,131
Depreciation, amortisation and provisions (844) (725)
Operating income 15 406
Group net income 46 (91)
Revenue up +22%, higher than the targets announced
In 2018, BIO-UV Group exceeded its growth targets, posting a 22% increase in
consolidated revenue over the period, vs. 15% initially announced
This excellent performance reflects in particular the sharp acceleration in the
ballast water treatment activity(1) which posted an increase of +68% over the
year, higher than initial targets of at least +60% for the year. The period was
also marked by the steady performance of historical activities, which saw a
slight increase, driven primarily by France, up 20% over the period. Exports
were temporarily slightly lower due to the difficult geopolitical context in
Russia and the Middle East.
2018 annual results
Profitability maintained against a backdrop of investments to support strong
Since 2017, the regulations have required all new ships worldwide to have a
treatment system for their ballast water. It will apply from September 2019 to
all existing ships. This new situation led many shipowners around the world not
to wait for the deadline and to place, as from 2018, initial orders to equip
their fleets with such systems, in order to comply with the regulations.
At the heart of these shipowners' decision-making process, thanks to its double
IMO and USCG certification(2), the performance of its equipment and its
international reach, BIO-UV Group therefore started to see a ramp-up in its
order intake in 2018.
This acceleration resulted in a rise in operating expenses, both in payroll
expenses and other expenses, in order to support the increase in ballast water
treatment activity, and immediately respond to the requests of its customers.
Against this backdrop of investment needed to prepare the Group's future
growth, BIO-UV Group has succeeded in maintaining its profitability both at
operating level, with EBITDA of EUR859,000 and in terms of net income which
came to EUR45,000 after a loss of -EUR91,000 in 2017.
To accompany this development, the Group can also rely on a stronger financial
structure, incorporating the proceeds of its IPO on the Euronext Growth Paris
in July 2018. Accordingly, at 31 December 2018, BIO-UV Group had cash of EUR5.9
million and net debt of EUR0.7 million.
Already nearly 20% growth secured on ballast water treatment activity in 2019
The acceleration that the Group saw in 2018 in the ballast water treatment
market has continued without decelerating since the beginning of 2019.
In this very favourable market, BIO-UV Group enjoys excellent visibility with
an order book on its ballast water treatment activity of EUR6.2 million at 31
March 2019, fully invoiceable in 2019, representing already secured growth in
activity in 2019 of nearly 20%. And this strong momentum is expected to
continue over the next few months.
Very good visibility on historical markets
A driver of its development since the Group's creation, the historical
activities, which are still strategic, benefit from solid growth catalysts that
will help it achieve significant growth in 2019. To do so, BIO-UV Group will be
supported by the launch of additional systems to existing ranges, the
strengthening of its operations in France and export operations, top-tier
customers, its network of agents and business providers established in more
than 65 countries and an already well-filled order book in the first few months
of the year.
(1) Ballasts are large-capacity water tanks intended to be filled with or
emptied of sea water in order to manage the stability of vessels during their
(2) IMO: International Maritime Organisation - USCG: United States Coast Guard
In light of these factors, BIO-UV Group is confident of being able to achieve
growth in its historical activities in 2019.
Reiteration of 2022 ambitions
Beyond 2018, BIO-UV Group reiterates its ambitions for 2022 to achieve revenue
of around EUR40 million, and operating margin in excess of 10%.
About BIO-UV GROUP
Created in 2000, BIO-UV Group designs, manufactures and markets innovative
ultraviolet water treatment systems. The range of equipment developed by the
Group is aimed at several markets:
- The recreation market, on which BIO-UV Group is no. 1 in France and in Europe
for UV water treatment in residential swimming pools, and for the public and
semi-public community pool dechlorination market;
- The municipal and industrial markets, on which specific ranges have been
developed for applications such as: purification, effluent treatment,
wastewater reuse, process waters, aquaculture, etc.;
- The ballast water treatment market, which has benefited since 2017 from a new
international regulation requiring all ships to have equipment to treat their
BIO-UV Group has been granted the "Innovative Company" label by Bpifrance and
is eligible for the French "PEA-PME" investment scheme.