Revenue in Q1 was NOK852m (Q1 2018: NOK589m) with an EBITDA of NOK97m (NOK59m). First quarter EBITDA margin was 11.4% (10%), and net profit increased from NOK24m in Q1 2018 to NOK29m in Q1 2019.
AKVA ended Q1 with an order book worth NOK1.6bn.
The Norwegian company’s cage-based technology segment earned NOK689m, up from NOK434m in the corresponding period last year. The increase came from the Nordic region, up by NOK266m to NOK493m, and the Americas, up by NOK20m to NOK123m. Cage-based technology revenue from Europe and the Middle East (EME) fell from NOK104m in Q1 2018 to NOK73m.
EBITDA for the segment was NOK77m (NOK40m). AKVA said margins in the Norwegian barge business were significantly better than last half of 2018 but there is still untapped potential in improved project execution.
The firm’s pipe factory in Mo i Rana, Nordland experienced a strong quarter with high production and limited down time. The activity in the marine services was increasing and AKVA saw increased revenue and EBITDA compared to last year.
Growth continued in the Americas region, with revenue of NOK145m (NOK113m) although order intake in AKVA group Chile decreased from NOK151m to NOK110m within the cage-based segment.
Atlantis test phase
AKVA said operations in Greece, Spain and Middle East were well positioned for the anticipated growth in the region. Its operation in Turkey was affected by local economic turmoil but the company still sees good potential when market conditions eventually improve.
The company’s Atlantis Subsea Farming project is now in a technological test phase regarding the implementation of the project. There are fish in the sea in the cage.