Sales of the BIO-SEA ballast water treatment system have contributed to an increase in third quarter revenue for France-based BIO-UV Group. The Group reported a Q3 2018 revenue of €3.4m, an increase of 30% on the same period last year.
“The expanding ballast water market is the main driver underpinning growth, and one that is expected to continue over coming months,” said Benoît Gillmann, President and CEO, BIO-UV Group.
“We are currently experiencing a ramp-up in order intake following our USCG certification and anticipate BIO-UV Group total revenue growth in 2018 of at least 15%, driven in particular by a sharp acceleration of the ballast water treatment market, which should secure growth of at least 60% over the full year.”
To date, BIO-UV Group has supplied its BIO-SEA Ballast Water Treatment System to more than one hundred vessels worldwide, with more orders in progress. Owners operating the UV-based BIO-SEA include Maersk Lines, MSC Cruises, CMA CGM and Louis Dreyfus Armateurs.
A strategy to increase its global footprint has also contributed to revenue growth. International expansion, which accounted for 50% of the Group’s revenue in 2017, saw the company establish a network of sales and distribution agents in more than 65 countries, with focus on key geographical areas in the Asia-Pacific region.
This year, the Group opened a subsidiary in Hong Kong to oversee future sales growth and ramp-up manufacturing in the region: BIO-UV Asia.
BIO-UV Group’s current orderbook is valued at €6.4m. Beyond 2018, the company reiterates its ambitions for 2022 to achieve revenue of around €40m.
Across all the available technologies, eleven ballast water treatment systems have received IMO and USCG approval.
BIO-UV Group is one of only three manufacturers of UV-based BWTS to have obtained approvals from both the International Maritime Organisation and the US Coast Guard.