AKVA Q3 revenue grows year on year

Aquaculture technology services provider AKVA group has reported revenue for Q3 of NOK 806 million (Q3 2019: NOK 771 million), an increase of 4%.
EBITDA for the group decreased from NOK 115 million in Q3 2019 to NOK 105 million in Q3 2020. Net Profit was down from NOK 42 million last year to NOK 36 million in Q3 2020. The 2019 revenue, EBITDA and net profit figures included a net gain of NOK 18 million from the sale of Wise lausnir ehf.
The company recorded new orders worth NOK 647 million with a backlog of NOK 1.63 million at the end of September 2020.
The group says it has decided to conduct a strategic review of AKVA Marine Services.
Revenue for the cage based technology segment for Q3 2020 ended at NOK 694 million (Q3 2019: NOK 651 million). EBITDA for the segment in Q3 was NOK 100 million (Q3 2019: NOK 98 million).
For the group’s software segment, revenue was NOK 16 million (Q3 2019: NOK 28 million). EBITDA and EBIT ended at NOK 5 million (Q3 2019: NOK 8 million) and NOK 2 million (Q3 2019: NOK 4 million) respectively.
Revenue for land based technology in the third quarter was NOK 96 million (Q3 2019: NOK 92 million). EBITDA for Q3 2020 was NOK 0.2 million (Q3 NOK 2019: 9) and EBIT showed a loss of NOK 5 million (Q3 2019: profit of NOK 4 million).
The group’s subsea salmon farming subsidiary Atlantis Subsea Farming AS is now in a technology testing phase the group says, including testing with fish in the pen. During June 2020 the fish from the second batch in Atlantis were harvested and AKVA is planning the next batch at an even more exposed site for 2020/2021.
Due to the overall uncertainty caused by COVID-19 the company has decided not to pay any dividend in the second half of 2020.