Norwegian biotech firm and Antarctic krill-harvesting company Aker BioMarine saw earnings surge in 2018 by more than 21 percent compared to the year prior. However, the company also invested a huge amount into investments in new technology, science initiatives and people.

The company posted earnings before interest, tax, depreciation and amortization (EBITDA) of $33.1 million (€29.4 million) driven by stronger sales across all the countries it operates in.

Revenues also increased 24 percent year-on-year to $155 million (€137.7 million) on the back of increasing sales of Superba Krill worldwide to about 1.28 billion doses.

However, due to large investments pouring into new technologies, initiatives and people, the firm recorded a net loss of $1 million (€888,096) during the financial year.

The investments were necessary for the company to scale up the krill segment, within the competitive and emerging omega-3 market. The largest investment went towards new vessel Antarctic Endurance, which could reduce the company's carbon footprint by around 30 percent.

"Costs increased more than I ideally would like them to, driven both by external factors, like high fuel prices but also internal elements in order to facilitate the rapid growth and development we are facing," CEO Matts Johansen said.

Revenues increased across all geographic locations the company sells to.

The firm sold the most krill-based products in the United States, worth $48 million (€42.6 million), up 33 percent year-on-year. Second in line was Norway with $30 million (€26.6 million) worth of revenues, a 15 percent increase when compared to 2017.

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Finance

Aker BioMarine posts strong earnings, but investments push down profits for 2018