Highlights:

•  Two highly prestigious Italian superyacht builders, Rossinavi and Overmarine, have ordered their first VEEM Gyros
•  VEEM now has orders in hand of $5m for VEEM Gyros with $3.5m expected to be included in sales in FY2021
•  The global superyacht construction order book as at 1 January 2021 is 710 vessels which alone represents an addressable market segment of over US$260m for sales of VEEM Gyros

VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to announce that it has received orders for VEEM Gyros from Rossinavi and Overmarine taking the Company’s order book for VEEM Gyros to $5 million.

Overmarine, designer and builder of the famous Mangusta range of superyachts, have ordered two VEEM Gyros for a new Mangusta 165. The new Mangusta 165 is a part of the “Maxi Open” range and is 50m in length.

Rossinavi have ordered a VEEM Gyro for a new superyacht design.

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Highlights

• 36% increase in revenue to $28.4 million on previous corresponding period (“PCP”)

• EBITDA up 111% to $5.7 million on the PCP (includes JobKeeper of $1.5 million)

• Net profit after tax of $3.0 million – 233% increase on PCP

• Revenue increase includes gyrostabilizer sales of $3.6 million - up 33% from the six months to 30 June 2020 and 73% on PCP, continuing strong upward trend since 2018

VEEM MEETS GYRO SALES TARGET FOR HALF YEAR

Highlights:

• VEEM sold $3.6 million of VEEM Gyros in the half year to 31 December 2020 as forecast

• Gyro sales growth in the first half of FY21 continued to follow the strong upward trend since 2018

• VEEM’s order book currently stands at $3.9 million with a strong level of leads and quotes out

• VEEM has a three-year agreement with Damen Shipyards for the supply of VEEM Gyros

• Sea trials of the VG1000SD VEEM Gyro by Naviera Integral are expected to commence in the Gulf of Mexico in February 2021