Fourth quarter gave basis for growth

Fourth quarter gave basis for growth

Category: Press Releases

ABT succeeded in preparing a basis for 2012 growth during the fourth quarter of 2011. The Company now has a worldwide network of distributors in place and financing of 2012 initiatives has been secured.

“Our new sales structure provides access to all major cosmetics companies around the world. The main product Aquabeautine XL™ is being recognized as an efficacious and value added ingredient in skin care products. We strongly believe in a significant sales increase in 2012,” said ABT’s CEO Arvid Lindberg.

During 2011, ABT’s sales efforts have been ramped up and also in the fourth quarter, agreements were made which will provide revenue in 2012. A co-operation with Scottish Aquapharm was initiated in the quarter, leading to a joint effort aimed at developing new marine based ingredients for skin care products.

ABT’s financial platform was strengthened in the fourth quarter through a NOK 7.8 million convertible loan. The Company’s liquidity was further improved through a NOK 4 million loan from Innovation Norway.

Aqua Bio Technology is at an early stage in its revenue build-up, hence the Company had marginal sales in the fourth quarter. The EBITDA for the quarter ended at NOK -3.4 million, compared to NOK - 3.5 million in the last quarter of 2010. ABT’s net result was improved from 2010, ending at NOK -4.7 million compared to NOK -7.1 million the previous year.

For the full year 2011, ABT’s net result was NOK -13.4 million, compared to NOK -14.9 million in 2010.