Aqualine boosted top line by €21Mn

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Rapid growth for equipment supplier.

It’s all systems go at Aqualine, the company more widely known for its Midgard cage/pen system. Thanks to the rapid growth, the Aqualine group has had to increase its staff from 80 to 109 during the last year.

However, while the company improved revenue by 45 percent from 2016 to 2017, the result remained reasonably stable during this period, which is in accordance with the budgets.

“The company’s operation conforms to the Group’s long-term plans,” the Board of Directors had noted soberly in its annual report.

“The company is impacted by market-related conditions in the aquaculture industry. The same can be said for general political and economic developments in Norway and international markets concerning our subcontractors and our market for supplying production equipment to the aquaculture industry. The company actively participates both under its own auspices and in cooperation with international players to develop product portfolios that provide a larger and more secure platform for future operations.”

Aqualine has activities in three municipalities in Norway; Frøya, Bjugn and Trondheim. The company has also launched an international venture with two subsidiaries in Chile and Australasia, respectively.

No funds have been allocated for payment of dividends after the previous year. The entire net profit has therefore been ploughed back into shareholder equity

SalmonBusiness has been unsuccessful in gaining comment from Aqualine.