AKVA reports best first half ever
AKVA Group has had its best first half ever in 2016, with revenue in the second quarter at NOK 408 million (€44.9 million), up from NOK 402 million in the same period last year. EBITDA was NOK 43 million (NOK 41 million).
The group also has its highest ever order backlog of NOK 822 million.
‘AKVA Group continues to be on track and has completed the best second quarter and first half ever with regards to revenue, EBITDA and order backlog,’ said CEO Trond Williksen.
‘The recent year’s transformation of AKVA Group to become a better performing and more diversified group is reflected in the Q2 results. Operationally and financially AKVA group is well positioned for further growth.’
Cage based technology (CBT) NORDIC CBT had a good performance in Q2, the main products being AKVAsmart sensors and feed systems, barges, Polarcirkel cages, service and rental.
There has been low activity in Chile in Q2 and AKVA also experienced reduced service sales in the quarter.
Canada had an unusually slow quarter with some shift of deliveries and revenue to next quarters.
Australia continues to be a small, but profitable operation.
The UK had a decent first half of the year and continues to have a high level of OPEX based revenue.
Turkey had a very good first half of the year and the group is experiencing increased activity in the sea bass and sea bream industry in the Mediterranean.
Exports to emerging markets experienced a decent quarter, with increased activity in some markets, especially in Iran. Emerging markets are dominated by a few but large contracts.
Software AKVA group Software and Wise lausnir ehf experienced improved performance year on year in Q2. Wise Blue, a Norwegian subsidiary of Wise, is a small but profitable business. Software continues to invest in new product modules, which is expected to strengthen the financial performance of the software segment further. Land based technology (LBT) BOTH Plastsveis and Aquatec Solutions had a good first half of 2016. AKVA group Denmark A/S had another decent quarter, but there is still potential for further improvements financially.
The land based segment ended the quarter with a record high order backlog, 53 per cent of the total in the group. Land based increased its revenues year on year by 74 per cent and was 23 per cent of total revenues in Q2 2016.
Order backlog THE order inflow in Q2 was NOK 533 million (€57.62 million), up from NOK 348 million last year.
The order backlog at the end of Q2 2016 was NOK 822 million (NOK 493), the highest order backlog ever for AKVA group.
Atlantis Subsea Farming IN partnership with the companies Sinkaberg-Hansen and Egersund Net, AKVA established Atlantis Subsea Farming in February with the purpose of developing submersible fish farming facilities for salmon on an industrial scale.
Atlantis Subsea Farming has applied for six development licences to enable large-scale development and testing of the new technology and operational concept.
It is now awaiting a decision from the Norwegian Directorate of Fisheries.