Hans Petter Selstad: Forecasts a 2021 turnover of NOK 1.1 billion. Photo: Selstad.

Aquaculture supplier that bought W&J Knox predicts doubled turnover

Net maker and aquaculture equipment supplier Selstad AS has forecast a substantially increased turnover of NOK 1.1 billion (£95.3 million) in 2021, partly due to its acquisition of a majority stake in Ayrshire net and equipment company W&J Knox earlier this year.

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The Norwegian company had a turnover of approximately NOK 579.9m in 2020, compared with NOK 485.1m in 2019. The company also managed to double its annual profit from NOK 14.3m in 2019 to NOK 28.5m in 2020.

Selstad increased activity from 2019 to 2020 by 20%. Chief executive Hans Petter Selstad told Fish Farming Expert’s Norwegian sister site, Kyst.no, that the increase was spread over several of the company’s important markets, and sees the greatest growth in solutions, equipment and services for aquaculture.

Good despite challenges

“We are pleased with another good year despite the challenges we have had with the coronavirus pandemic and logistics worldwide. Corona has provided the opportunity for savings on travel expenses, entertainment and electricity prices,” said Selstad.

“I think we have handled this in a good way in the organisation and would like to thank everyone who has put in extra effort in a tough time.”

Organic growth and acquisitions

The CEO said an increase in turnover had been achieved both through organic growth and through acquisitions. After a very lucrative 2020, the board had chosen to set aside NOK 20m in dividends.

“We have allocated dividends that go to the parent company (Måløy Maritime Group) as large investments have been made in the parent company, such as the acquisition of Isfell in Iceland,” said Selstad.

Through 2021, Selstad sees continued growth, and with the acquisition of W&J Knox, the forecast is a turnover of 1.1 billion for the Selstad Group in 2021, he concluded.