Posts by Editors
OTAQ and Minnowtech: Correction
In our article in the November issue of Fish Farmer “OTAQ directors leave the board” we incorrectly referred to OTAQ as having acquired the US-based aquaculture technology Minnowtech. OTAQ in fact continues to be a minority shareholder in Minnowtech. We are happy to correct this error and apologise for any confusion caused.
Read MoreBillund founder is back with a new company
The founder of Billund Aquaculture, which fell into bankruptcy earlier this year, has announced plans for a new venture.
Christian Sorensen, the former boss of the recirculating aquaculture system (RAS) tech company, said his new company will be called Billund Aquatech. It is understood this will focus on design and consultancy in land-based aquaculture, and is 100% owned by Sorensen.
Read MoreInternational technology firm snaps up RS Aqua
UK marine technology specialist RS Aqua has been acquired by General Oceans, an underwater technology group with operations in Norway, the UK and United States.
Read MoreFishmeal production up 23% year-on-year
The outlook for aquafeed prices looks more optimistic for farmers, with the latest estimate for fishmeal production showing a 23% year on year increase for global fishmeal production for the first nine months of this year.
Read MoreBakkafrost commissions world’s biggest feed barge
Aquaculture technology business GroAqua and Bakkafrost, the Faroes-based salmon farmer, have signed a deal to build the world’s largest feed barge.
Read MoreSeafish announces board appointments
Seafish, the public body that supports the UK seafood industry, has appointed two new members to its board. Sarah Holmyard and Georgina Wright bring experience from the shellfish and salmon sectors respectively.
Sarah Holmyard is Head of Sales and Marketing at the award-winning aquaculture company Offshore Shellfish Ltd and was recently appointed as a Director of UK Women in Fisheries.
She has extensive experience of the sea fishing and aquaculture industries, having previously held executive roles at Seafood Scotland, Interfish, Cleanseas and The Kingfish Company.
Georgina Wright formerly the Sales Director at Mowi Scotland, brings thirty years’ experience of the seafood industry to the Seafish Board. She served as Chair of the Scottish Salmon Industry Brexit Working Group which worked to ensure the industry was successfully prepared for the changes brought by Brexit.
Read MoreLeading climate change scientist to open Australian Seagriculture
Professor Tim Flannery, one of Australia’s leading writers on climate change, has been announced as the opening keynote speaker for the Australian Seagriculture Conference in March next year. The conference is organised by DLG Benelux, a subsidiary of DLG (German Agricultural Society), and this year jointly with Australian Sustainable Seaweed Alliance (ASSA). It takes place…
Read MoreCourt grants Barramundi time to fix its finances
A Singapore court has granted fish farming business the Barramundi Group four months’ protection from creditors, allowing it to get its financial house in order. The company had asked for more time.
Read MoreMilestone for Stirling’s new aquaculture Hub
A steel signing event today has marked the beginning of the final phase construction for a new sustainable aquaculture research facility at the University of Stirling.
The National Aquaculture Technology and Innovation Hub (NATIH) is intended to drive the UK’s ambition to be a world leader in modern aquaculture practice.
Read MoreAKVA reports strong financial performance
Positive momentum in the Nordic markets has helped aquaculture technology services group AKVA deliver a bullish set of financial results for the third quarter of this year.
The company said the outlook is good, with salmon prices expected to remain strong driven by reduced supply.
AKVA has reported revenue in Q3 2024 of NOK 1,011m (£71.5m) compared with NOK 817m (£58m) in the same period last year. Adjusted for the gain of MNOK 76 related to AKVA’s acquisition of Observe Technologies, the revenue was NOK 936 (£66.2), 14.5% higher compared to Q3 2023.
EBITDA or operating profit was NOK 199m (£14m) in Q3 2024. Adjusted for the net gain of NOK 71m related to the Observe transaction, EBITDA for Q3 2024 was NOK 128m (£9m) compared to NOK 78 (£5.5m) in Q3 2023.
The company said the high activity has driven by the Sea Based business segment and “continued positive momentum” in the Nordic market. The market for Land Based is still soft but the revenue level is gradually increasing.
The award of the “letter of intent” from Cermaq at the beginning of Q4, in relation to a planned smolt facility in Chile with an estimated contract value of €30m (£25m), is expected to have a positive effect on the revenue level in Q4 and onwards.
The company said the outlook for the post smolt market in Norway is still uncertain but is expected to improve gradually into 2025.
Strong performance in the Sea Based business also contributed to a significant improvement in profitability in the third quarter compared to last year. The profitability in Land Based business is improving partly due to the higher activity level and partly due to improved project margins. The Digital business segment has experienced great revenue growth in the last few years but the current cost base is still high compared to the current activity level resulting in soft profit margins.
The group recorded a total order intake of NOK 803m (£56.8m) compared with NOK 600m (£42.4m) in Q3 2023 and the order backlog was NOK 2.4bn (£170m) at the end of September 2024.
Broken down by divisions:
• Sea Based Technology saw revenue of NOK 740 (£52.3m), up 12% year-on-year. EBITDA was NOK 112 (£7.9m), up 42%.
• Land Based Technology recorded revenue of NOK 162 (£11.4m), up 31%. EBITDA was NOK 5m (£0.35m) compared with a loss of NOK 11m (£0.77m) last year.
• The Digital segment recorded revenue of NOK 34m (£2.4m), up just 3%. EBITDA for the segment was NOK 11m (£0.77m) up 10%.
AKVA said it is aiming for revenue of minimum NOK 3.6bn (£254m) and EBIT of 5% in 2024. The company has decided not to pay any dividend for the second half of 2024.