AKVA Group is a leading technology and service partner to the aquaculture industry worldwide, founded in 2006 as a merger between AKVAsmart, Helgeland Plast and Wavemaster. Its history stretches back to 1974, when the Polarcirkel brand introduced the plastic cage concept in Norway, and has since supplied more than 40,000 cages worldwide. The company was listed on the Oslo Stock Exchange in November 2006.
AKVA Group has a noticeable international profile, with offices in Norway, Chile, Denmark, Scotland, Iceland, Canada, Australia and Turkey, comprising three business areas; Cage-Based Technology (CBT), Digital Solutions (DS) and Land-Based Technology (LBT). CBT is by far the largest segment, with 85% of revenues in 2020. This is higher than previous year as the acquisition of Egersund Net in late 2018 have strengthen the focus in this segment. Longer term we estimate the land based segment to account for a larger part of the group’s revenues, and of the total backlog land based projects accounts for around 50%
Operations are divided into four regions, Nordics, America, AustralAsia and Europe and Middle East. The Nordics is still the largest region, with around 65% of revenues. Americas improved during 2020 accounting for around 20% of revenues, but has struggled more lately. Europe and Middle East accounts for around 15% while AustralAsia is a minor part of revenues. For 2020, around 35% of AKVA Group’s revenues were characterized as OPEX based. This is the highest the company has reported, and in line with the strategy to increase the share of OPEX based revenues, to provide more stable and predictable earnings.
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