Aqua Bio Technology ASA ("ABT" or "the Company") hereby informs that a separate quarterly report for the fourth quarter of 2024 will not be prepared. The annual financial statements for 2024 will be submitted no later than the deadline of April 30, 2025. A stock exchange announcement with the financial calendar will be sent separately.
Preliminary estimates for the fiscal year 2024 indicate a significant negative result for the ABT Group, despite an increase in revenue due to completed acquisitions.
The negative result is mainly attributed to operating losses in two of the Group's subsidiaries and significant impairments of goodwill related to the bankruptcy of the subsidiary Skinteam Norge AS. In light of this, the Group plans a series of restructuring measures expected to contribute to a modestly positive EBITDA level for 2025.
For the fiscal year 2025, consolidated revenue is expected to exceed MNOK 500.0, applying Norwegian Generally Accepted Accounting Principles (N-GAAP), indicating conservative revenue growth compared to pro forma revenue (based on N-GAAP) assuming all 2024 acquisitions were completed as of January 1, 2024. Consolidated revenue reported in the 2024 annual report will be significantly lower than MNOK 500, partly due to acquisitions not being consolidated into the Group for the entire 2024 and differences in revenue recognition for JetCarrier between N-GAAP and IFRS.
Forward-looking statements in this stock exchange announcement are subject to fulfillment of various conditions, partly within and partly outside the Company's control. Conditions include, among others, the provision of operating capital during 2025, as further detailed in the stock exchange announcement available at https://newsweb.oslobors.no/message/629873.
The Company will provide further details in connection with the presentation of the 2024 annual report.
For further information, please contact:
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.
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 Euronext Expand.