AKVA posts profit warning as costs rise
Aquaculture technology company AKVA has warned that it expects to post a loss for the second quarter of 2022.
After recording EBIT (earnings before interest and taxation) of NOK 103m (£8.6m) for Q1 of this year, AKVA Group said that Q2 resulted in a loss of NOK 41m (£3.47m).
Expected revenue for Q2 of the current year is up, however, at NOK 907m (£76.7m), representing an increase of 9% compared with the same period last year.
AKVA said profitability has been affected by a number of factors. High inflation rates and supply chain restrictions worldwide driven by the Russia-Ukraine conflict have led to an estimated NOK 37m (£3.1m) in additional costs. Continued uncertainty related to supply chain restrictions and cost inflations may impact the profitability for the rest of 2022, the company said.
Other factors included a one-time cost provisions of NOK 31m (£2.6m) within the Sea Based segment, primarily related to an ongoing barge project in Canada, and one-time warranty and cost provisions of NOK 34m (£2.87m) related to specific Land Based projects.
AKVA is expecting a strong revenue of MNOK 907 in Q2 22, representing an increase of 9%.
Further details will be presented in AKVA’s second quarter presentation on 12 August.