NTS AS, the integrated Norwegian aquaculture group, came close to doubling its income during the first part of this year.
Unveiling its 2021 first quarter results, operating revenues totalled NOK 636m (£55m), up from NOK 343m (£29.8m) 12 months ago – a rise of 85%.
NTS said the higher revenues were the result of the merger with Frøy ASA, the provider of wellboats and other vessels, along with a wide range of key salmon farming supply services.
In addition, revenues from Farming Norway increased due to significantly higher harvest volumes. A total of 5,686 tonnes of gutted fish were harvested in the first quarter, compared with 3,098 tonnes in the corresponding period last year.
The wellboat, service boat and freighter business areas are grouped in Frøy ASA, which was listed on the Oslo Stock Exchange at the end of March this year. NTS ASA owns 74.2% of the shares in Frøy which operates a fleet of 14 vessels and, almost quadrupled its sales from NOK 92m (£8m) in Q1 2020 to NOK 356m (£31m) this year.
The NTS group operating profit or EBIT for Q1 came out at NOK 67m (£5.8m) while pre-tax profits were NOK 47m (£4m), up by NOK 9m on a year ago.
Frøy CEO and NTS director Helge Gåsø pointed out that the first part of the year is usually marked by low activity because of low seawater temperatures which result in slow biomass growth and lower lice levels.
He said: “We have spent the quarter preparing for the upcoming high season which we believe will be busy in all segments. We still see great demand for services and see support from several long-term trends. Moderate underlying volume growth in salmon farming is supported by increasing demand for specialist expertise and safe, reliable and sustainable water services.”