“Stable results in a challenging global situation,” says AKVA despite cancellation of two major RAS projects

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Maintains a focus on full grow out RAS facilities despite blow. 

On Thursday, in its Q1 report posted on the Oslo Stock Exchange, aquaculture equipment supplier AKVA posted revenues of EUR 68 million, down 12 per cent from Q1’s EUR 77 million.

EBITDA decreased from EUR 8.7 million in Q1 2019 to EUR 7.7 in Q1 2020.

The order intake in the quarter was EUR 64 million, with a backlog of EUR 149 million at the end of March. Two RAS deliveries were cancelled April.

One which included Nordic Aqua Partners’ (NAP) 8,000 tonnes-a-year of salmon plant in China. Another, was for the delivery of a RAS plant in Chile for Cooke Aquaculture was also cancelled.

Dividend of NOK 1.00 per share paid on 3 March, before the main outbreak of the pandemic.

“On a global scale the whole quarter has been affected by the outbreak of the Covid-19 virus. In AKVA group we recognised early on the need for action. The group implemented several measures to ensure the health and safety of our employees and customers, to monitor and optimize the overall liquidity in the company, to maintain the security of supply during the crisis and a steady order intake to ensure work for all in AKVA group,” wrote the company.

“Although it is too early to tell the overall outcome of this crisis, AKVA group has seen moderate effects on ongoing correcting for the cancellation of two major RAS deliveries,” AKVA added.

Looking ahead, AKVA group wrote that it maintains a focus on full grow out RAS facilities, despite temporary setback on China project.