AKVA Group Slips into Red

Norwegian equipment provider for aquaculture industry, AKVA group, has completed fourth quarter in red, despite record high sales and order intake.

Namely, the company recognised restructuring and one off costs related to AKVA group Denmark of close to NOK 20 million and booked negative net financial items of NOK 6.5 million, resulting in loss before tax of NOK 3.2 million and net loss of NOK 8.1 million for the quarter, compared to profit of NOK 7.6 million same time last year.

Profit for the year 2016 also decreased some 53 percent ending at NOK 27.6 million. In 2016, negative net financial items were NOK 16.6 higher, compared to 2015, while depreciation was up some NOK 22 million

The Q4 2016 revenue ended on NOK 449 million versus NOK 344 million with an EBITDA of NOK 24 million (impacted by material restructuring cost in Denmark), compared to NOK 27 million a year earlier.

Total revenues for 2016 increased by 12.5 percent from NOK 1.42 billion in 2015 at NOK 1.6 billion.

AKVA group wrapped up the quarter with an order backlog of close to NOK 1 billion. The Q4 order intake increased by 60 percent year-on-year at NOK 561 million. This is the company’s highest ever order backlog, and with close to NOK 2 billion in total for 2016, represent a 24 percent increase in order backlog when compared to 2015.

Subsea World News Staff