An AKVA RAS system. The group ended Q1 2017 with an order backlog worth £100m. Image: Akva Group.

Scottish exports boost AKVA earnings

Aquaculture support group AKVA reports good market activity across all regions in first quarter of 2017.

Revenue in the first quarter of 2017 ended was NOK 510 million (£46 million) compared to NOK 393m (£35m) in 2016, with an EBITDA of NOK 54m (£4.9m), compared to NOK 40m (£3.6m) in 2016.

Net profit increased to NOK 20m (£1.8m) compared to NOK 13m (£1.2) in Q1 2016.

The company ended the quarter with an order backlog of approximately NOK 1.1 billion (£100m).

An AKVA spokesman said: “We experienced increased revenue and margins in the cage based segment compared to the same period last year, with the Norwegian market as the main driver behind the growth. The acquisitions of AD Offshore and Sperre, in Q2 and Q4 2016, is contributing to the growth in revenue and EBITDA.

Building order backlog

“The market activity in Chile was good and this reflects an increase in revenue as well as an improved order backlog. Overall positive development for both Chile and Canada, although Canada had lower revenues, order intake improved.

“For export, Scotland increased revenues year on year with higher activity in the project market, which also contributing to building order backlog.
“Our Turkish operation is stable and we are ramping up activities in Spain, Greece and Iran.”

Revenues and margins are also up year on year for AKVA’s land-based technology section.

Looking ahead, the spokesman said: “As we continue to grow we are strengthening our organisation and focus on improving our competitive position across all markets and the value chain.
“We have in-depth knowledge and competence across a wide range of potential export markets but are tending to focus our resources on those areas that we consider to offer the most substantial opportunities.

“Within the land based segment we experience high quoting activity and expect activity to remain high in the coming quarters.”

Published: 11/05/2017 at 1:39 pm

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