AKVA quarter shaken by cyber-attack

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Tough start to the year.

In a statement on the Oslo Stock Exchange on Friday, AKVA group posted a Q1 revenue of EUR 70 million, a decrease of 4 per-cent compared to Q1 2020. EBIT was EUR -1.4 million, down 136.8 per-cent compared to the previous quarter.

Activity decreased by four per cent in the first three months of 2021 compared to the same period in 2020. In addition to that, Covid-19 restrictions have had an impact on both the top line and cost level in ongoing operations.

AKVA group, like many other companies, has had difficulty obtaining international labour due to the quarantine provisions during the pandemic. In addition, the value chain has been hit by logistical problems, which have particularly affected operations in Chile.

The order intake in the quarter was EUR 6.9 million with a backlog of EUR 18 million at the end of March. 51 per-cent of total order backlog at the end of the quarter relates to Land Based Technology (LBT).

The order book shrank by 17 per cent in the first quarter of the year compared with the same quarter last year.

Costs related to cyber-attack of EUR 5 million were recognized in the quarter.

Overall, this hit first-quarter results hard. Pre-tax profit was EUR -3.1 million