Akva Group orders help lift profit 50 percent

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Bryne-, Norway based fish-farm technology company, Akva Group, has reported third-quarter net profit of 73 million kroner (USD 8.97 million), up 50 percent on a sharp increase in new orders and turnover.

A strong flow of European and Middle Eastern orders pushed revenues to 483.9 million kroner (USD 59.5 million) in the quarter, or up around 130 million kroner (USD 16 million) year-on-year. The business — helped by the company’s trademark cage-based technology, or CBT — brought its order backlog to 1.38 billion kroner (USD 169.6), or up 56 percent over Q3 2016.

Sales of CBT technology were driven mostly by Norwegian aquaculture operators, pushing the order intake to 5436 million kroner. The company acquired revenue and growth in the acquisitions of AD Offshore and Sperre, companies with roots in Norway’s oil and gas sector.

Growth in the Americas also picked up a notch, with orders reaching 91 million kroner, up from 37 million a year ago.

“All our entities in Americas has a stronger quarter than last year in terms of revenue,” a statement said. Orders grew in Scotland, and the company reported it was ramping up activity in Greece, Iran, Spain and Turkey.

Meanwhile, the 900-strong company’s Atlantis Subsea Farming joint-venture is seeing just two of its six licenses for submersible, “industrial-scale” salmon-farming processed by Norwegian authorities. The company is undeterred: “The  market situation is expected to continue to be strong,” a note to shareholders said, adding that its stronger worldwide footprint leaves in a position to purse business in the Mediterranean and Canada.