Improved 1Q for Akva Group

Akva Group on Thursday released its first-quarter results, including operating revenues of NOK 158 million (USD 26.7 million, EUR 20.1 million), up from NOK 152 million during the same period last year.

The Norwegian aquaculture technology company also posted an EBITDA (earnings before interest, taxes, depreciation and amortization) of NOK 5 million (USD 843,500, EUR 637,100 million), compared to loss of NOK 3.3 million last year.

Akva is coming off a difficult 2009, in which it managed operating revenues of NOK 142.9 million, down from NOK 191.8 million during the same period in 2008.

“In the first quarter of 2010, we saw a normalized and sound development in the markets in the UK and Canada. There are also signs of positive developments in Chile and an improving situation in a number of other markets,” said Akva in a statement. “However, the general situation is still dominated by uncertainty. In spite of this uncertainty the group experienced an improved order inflow and increased order backlog compared to previous quarters.

“The salmon industry is enjoying high salmon prices and good volumes, resulting in correspondingly strong results. This should fund reason for improvement in the market development going forward. However, uncertainty is still prevalent,” added the company.

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