GTT: Revenue of 144.2 ME and EBITDA of 79.7 ME

Photo credit © GTT Company/Hyproc

( — GTT , the technological expert in membrane containment systems dedicated to the transport and storage of liquefied gases, today announces its results for the first half of 2022. at 79.7 ME. The Main activity involves 88 orders for LNG carriers (vs. 68 in 2021). LNG fuel represents 38 container ship orders (vs. 27 in 2021). The interim dividend is €1.55 per share.

Commenting on these results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “With 88 orders for LNG carriers, the commercial performance of our main activity achieved in the first half of 2022 is higher than the previous record set for the full year. 2021, highlighting particularly strong momentum. Furthermore, the final investment decisions for new liquefaction plants made during the second quarter, the expected acceleration in orders for LNG carriers from Qatar, as well as the increase in demand for LNG in Europe, confirm the needs for infrastructure and LNG carriers for the years to come.
The first half is also promising for LNG fuel, with already 38 orders, a level well above the previous year. Furthermore, the growing number of mid-size container ships in our orders testifies to the expansion of our market share in this sector.
In order to meet market needs, new shipyards have been marketing our technologies since the first half of the year.
GTT pursues a constant R&D effort in order to meet the needs of its customers in the context of their energy transition and the increased requirements they face. During the first half of the year, we obtained several approvals from classification societies to develop new innovative technologies in a wide variety of fields, in particular for our future containment system NEXT1 and for the development of a “hydrogenier” within the framework of our partnership with Shell.
From a financial standpoint, revenue for the first half of 2022 is, as expected, down compared to that of the first half of 2021. This drop is the consequence of a base effect, with the first half of 2021 still benefiting from the very strong momentum in 2020, while the first half of 2022 has not yet fully benefited from the strong orders of 2021 and 2022. It should be noted that revenue increased by 11.5% from the 1st quarter to the 2nd quarter of 2022. Margin levels achieved in the first half of 2022 are also down compared to the first half of 2021, due to the decline in revenue, partly offset by a reduction in costs.
With regard to the objectives for the 2022 financial year, the Group noted in the second quarter some delays in the construction schedules of the vessels, leading to a delay in the recognition of revenue. These delays are of various origins: supply difficulties linked to the sanctions regime, confinement and social unrest in Asia. Given these delays, we are confirming our full-year targets, while now anticipating reaching the lower half of the range we indicated last February.”


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