Cavotec Q1 Report

Cavotec, a cleantech company that designs and delivers connection and electrification solutions to enable the decarbonization of ports and industrial applications, has reported good revenue growth with increased profitability and cash flow in Q1 2024.

‘We are successful with our focus on the service business and the margin-improving measures are beginning to have an effect. We continue to implement our change programs and see that we have the potential for continued improvement’ — David Pagels, CEO at Cavotec

Highlights included a three-year service agreement signed for shore power systems in a large North American port; and ultra-fast 3 MW charging system for battery-powered heavy-duty vehicles entering service.

David Pagels, CEO at Cavotec, said: “Our performance improved…proving our extensive change programs with focus on profitable growth to be effective.

“We are successful with our focus on the service business and the margin-improving measures are beginning to have an effect.

“We continue to implement our change programs and see that we have the potential for continued improvement.

“International regulations continue to drive the demand for our electrical solutions for the maritime industries while we see that our more cyclically dependent customers are a bit cautious with their investments,” he added.

David Pagels, CEO at Cavotec

Cavotec recently signed a two-year service agreement with APM Terminals at Port of Tanger and a break-through agreement with a major port in North America to provide all services on the shore power systems we have installed.

Pagels said: “This deal is groundbreaking for us since will take care of the plug in and plug out the power units for the first time.

“This provides us with valuable insights in how we can further improve our products while ensuring that the equipment is operated in the most efficient way.”