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2019 a demanding year for Aqua Bio Technology

Written by Customer Service on . Posted in Public Companies.

Aqua Bio Technology ASA experienced a demanding year in 2019, with sales at par with the previous year. At the same time, the company’s international network of distributors for skincare products was significantly expanded, allowing ABT to reach markets with a total of 1.7 billion people.ABT posted NOK 1.3 million of revenues in 2019, compared to NOK 1.2 million the previous year. The company had expected a significant sales growth last year, however faulty packaging delivered by a third party delayed sales throughout the year. These problems have now been solved.ABT’s EBITDA came in at NOK -12.9 million last year, compared to NOK -37.6 million in 2018. The 2018 results included a full write-down of the company’s patents and inventory. The year-end result for 2019 ended at NOK -13.2 million, compared to NOK -38.5 million the previous year.In addition to developing ingredients for skincare product, ABT also markets and sells skincare series to consumers and professional users. During 2019 the company expanded its network of distributors in Europe, the Middle East, Africa and Asia. Among others, markets like India, Egypt, Russia and the Baltics have been added to ABTs network. The company’s distribution partners now cover markets totalling 1.7 billion people, many of these markets enjoy a high growth.The corona crisis is halting also ABT’s business. While the company has imposed cost cutting measures, the processes involving product registration and preparation for launches continue. When the financial situation allows and consumer demand is normalised, ABT will be ready to launch its skincare products in several new markets.Aqua Bio Technology’s financial position was strengthened through equity issues in 2019. The company’s two largest shareholders in April 2020 committed to a further strengthening of ABT through a NOK 6 million loan, establishing a secure financial platform for ABT’s operations for the rest of the year. ABT’s board of directors expects a long-term financing of the company to be in place during 2020.For further information, please contact acting CEO Espen Kvale, telephone +47 9162 8092.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.This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.

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