Aqua Bio Technology: 2016 fourth quarter revenues
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Aqua Bio Technology ASA's stable revenue development continued in the fourth quarter 2016 and increased by 20 per cent compared to the corresponding quarter the previous year. The financial result was affected by non-recurring costs and expansion of the business. Revenues for the entire year grew by 27 per cent from 2015.
Aqua Bio Technology had revenues of NOK 12.4 million in the fourth quarter, up from NOK 10.3 million in the corresponding quarter the previous year. Costs related to a legal dispute with a U.S. customer had an adverse effect on the financial results in the quarter, as in the previous quarters. Operating costs were higher also due to an ongoing expansion of the business.
EBITDA for the fourth quarter 2016 ended at NOK 6.2 million, against NOK 6.3 million in the fourth quarter 2015. Earnings before taxes for the quarter were NOK 5.6 million, compared to 4.7 million the previous year.
For the full year of 2016, ABT posted income of NOK 49.4 million, compared to NOK 38.9 million the previous year. EBITDA for 2016 was NOK 19.8 million against NOK 21.3 million in 2015. Costs related to the legal dispute amounted to approximately NOK 12 million in 2016.
Earnings before taxes for 2016 came in at NOK 2.2 million, including a NOK 12.7 million write-down of inventory in the third quarter. Earnings before taxes in 2015 was NOK 15.0 million. ABT's net result for 2016 was NOK 1.5 million, compared to NOK 17.4 million in 2015.
The dispute with the U.S. based customer, causing significant non-recurring costs in 2016, has been scheduled for arbitration in London in September 2017.
As previously announced, ABT is in the process of expanding its business model. While new ingredients for the cosmetics industry remains a core business and is expected to start generating revenues in the second half of 2017, the Company forecasts revenues from its consumer products business to start in the second quarter and grow throughout 2017. The partnership with ABT's main customer Restorsea is entering a new phase from Q1 2017, with less income going forward than previously. The Company expects reduced income in 2017, until new ingredients and consumer products has reached their potential.
For further information, please call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio Technology (ABT) is developing and commercializing sustainable biotechnology for use in skin care products. ABT's cosmetics ingredients are highly effective and they provide the cosmetics industry with natural alternatives to traditional ingredients. ABT is also marketing and distributing natural skin care products developed by partners towards consumers and professional users. Aqua Bio Technology is listed on the Axess market of the Oslo Stock Exchange.
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