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Accelerating order backlog in New Cavotec On 5 March 2021, Cavotec communicated a decision to focus resources and make investments in the ports & maritime and industrial markets. As a consequence, a process was initiated to divest the Airports business. From the first quarter 2021, Cavotec reported the groups ports & maritime and industry businesses combined under the name New Cavotec. Airports is reported separately. APRIL JUNE 2021 NEW CAVOTEC Order backlog increased 19.0% compared to Q121 to EUR 77.4 million Revenues decreased -13.7% to EUR 25.8 million (29.9) EBIT amounted to EUR 0.9 million (1.1), corresponding to a margin of 3.5% (3.6%) EBIT adjusted for growth investments amounted to EUR 1.3 million
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The fast-growing market for electrification and automation of ports around the world is estimated to be worth several billion euros in the coming years. Cavotec will invest 20 million euro in technology, engineering and business development over the next five years to strengthen its leading position and to meet the expected demand. The global Cavotec team will grow by an estimated 320 people, an increase of 60%, with two thirds being engineers. We re now at an inflection point where our core markets are undergoing a drastic change where what has been niche markets for cleantech are becoming mass markets. In Europe alone, more than 2500 ports will have to drastically reduce emissions by offering Shore Power, a Cavotec specialty, to visiting ships in the next 5 - 10 years. Our automated mooring technology has an equally untapped potential with an estimated 4700 port berths world-wide suitable for automation to increase efficiency and reduce pollution. We will invest in sales, ma