2018 a challenging year for Aqua Bio Technology
2018 was a challenging year for Aqua Bio Technology ASA. While revenues from sale of ingredients to the cosmetics industry were reduced as expected, income from skin care products in the consumer market was delayed.
Aqua Bio Technology’s total income in 2018 was NOK 1.2 million, while the Company’s income the previous year was NOK 9.9 million. Year-end result for 2018 was NOK -18.4 million, compared to NOK -16.1 million in 2017.
For several years, ABT’s income has been generated through the sale of the Company’s own cosmetic ingredient. Since 2012, the ingredient has generated total revenues of more than NOK 160 million. The payment period for licence fees and minimum royalties is now over, which is the main reason for the reduced income.
The Company has since 2017 been establishing and growing a consumer-oriented distribution business for in-licensed natural skin care products from manufacturers in New Zealand and Norway, in an effort to build a second business area in addition to ABTs ingredient business. A significant network of distributors in Europe and the Middle East has been established, However, quality issues related to the packaging of the products have delayed the revenue stream from the new business area.
ABT expects an increasing revenue stream from the sales of skin care products throughout 2019. Furthermore, the Company’s new ingredient Spirulysat® has been launched and is expected to generate income in 2019. In January of this year, the Company strengthened its financial position through share issues raising approximately NOK 12 million in new equity.
For further information, please call Espen Kvale, acting CEO, telephone .
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.
