Aqua Bio Technology ASA posted all time high revenues in the first quarter
2016. Income in the quarter was NOK 12.5 million, compared to NOK 9.1 million
last year.
ABT maintained its strong profitability in the first quarter. EBITDA ended at
NOK 6.1 million, corresponding to an EBITDA margin of 49 per cent. In last
year's first quarter EBITDA was NOK 5.2 million, reflecting a 58 per cent
margin. Operating costs in the first quarter 2016 were adversely affected by a
lawsuit from one of ABT's customers in the United States in March of this year.
The Company made provisions in the quarter for expected legal costs of NOK 2
million. The lawsuit remains unresolved, while the parties are making certain
efforts to find a solution through dialogue. A continued process however, will
impact the legal costs of the Company until the process has come to an end.
ABT's strategy is to utilize its resources and expertise to commercialize third
party biotechnology for applications in cosmetics. This fast growing industry
has an unmet need for new and sustainable ingredients.
In the first quarter, ABT entered into partnership with two manufacturers of
substances with potential significant value to the cosmetic industry. The
Company has initiated efficacy and safety testing processes, and expects to
launch the new products in the fourth quarter of this year.
For further information, please call Arvid Lindberg, CEO, telephone
+47 9824 5410
Aqua Bio Technology (ABT) has launched several cosmetic ingredients used in skin
care products globally. Skin care is the fastest growing segment in the
cosmetics industry, where ABT's ingredients have established a foothold. In
addition to ingredients from its own technology, ABT also commercializes novel
technologies/ingredients for partners, for use in skin care products. Aqua Bio
Technology is listed on the Axess market of the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#2011500]
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