AKVA delivered strong performance in tough year – CEO
Knut Nesse, head of the global aquaculture support group AKVA has spoken of the “solid progress” made by the company last year.
Presenting the AKVA Group annual report, Nesse declared that it had also been a challenging period.
AKVA group is the world’s largest supplier of solutions and services to the aquaculture industry.
In 2024 the group brought in revenue of NOK 3,602 million (£220m), around 5% up on 2023, and AKVA recorded profit (EBIT) of NOK 256m (£18.5m), up from just NOK 67,603 (£4,878) in 2023.
CEO Nesse said: “Despite global market challenges, we achieved significant milestones across all business areas, driven by our commitment to innovation, sustainability, and operational excellence.
“These efforts delivered strong results, contributing to an annual revenue and other income of and substantially improved profitability compared to 2023.
“This improvement reflect our ability to adapt and create value in a complex market environment while delivering key advancements in deep farming, sustainability initiatives, and operational improvements.
“Navigating the uncertainty caused by the resource tax in Norway required tough but necessary decisions to align our operations with market conditions and ensure future growth.”
One of the highlights of 2024 was the further development of AKVA’s Nautilus deep farming concept, which continues to reduce sea lice pressure and improve fish welfare, cementing its position as a cornerstone of sustainable aquaculture.
Similarly, the delivery of the first phase of the Nordic Aqua Partners grow-out facility in China, utilising its RAS concept, underscored the ability to provide sustainable land based solutions.
Nesse said strategic achievements in 2024 had further strengthened AKVA’s market position: “The acquisition of Observe Technologies Ltd expanded our capabilities in advanced biomass monitoring and automation, enhancing the digital tools available to our customers.
“Meanwhile, a signed contract from Cermaq for a recirculating aquaculture system (RAS) project in Chile, valued at approximately €30 million (£25m) in February this year showcased our leadership in land based aquaculture. In sea based operations, the awarding of contracts for five feed barges reinforced our position in delivering innovative and reliable solutions.”
Nesse said the outlook for sustainable aquaculture remained promising, with strong salmon prices and rising global demand driving growth opportunities.
With these market dynamics in mind, we are confident in achieving our medium-term targets of NOK 4 billion in revenue and an EBIT margin of 6% in 2025.
“By continuing to prioritise innovation, sustainability, and operational efficiency, we are not only adapting to the future of aquaculture but actively shaping it.”
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