Norwegian equipment and technology group Akva’s earnings climbed in the first quarter amid high activity and strong order intake, but profitability continued to be hit by supply chain restrictions and cost inflation.

The group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 23 percent in the first quarter to reach NOK 102 million (€10 million/$10.4 million), while revenue was up 18 percent at NOK 849 million (€83.2 million/$86.4 million).

Net profit also more than doubled in the period to NOK 40 million (€3.9 million/$4.1 million).

Akva said its order intake in the quarter was NOK 1 billion (€98 million/$101.8 million), with a backlog of NOK 1.8 billion (€176.5 million/$183.3 million) at the end of March – 50 percent of which was for land-based technology.

Akva’s land-based technology division saw earnings fall 55 percent despite a tripling of order intakes to NOK 254 million (€24.9 million/$25.9 million).

Earnings at Akva's sea -based technology division, meanwhile, rose 36 percent on the quarter.

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Supply chain restrictions and cost inflation took an estimated NOK 30 million (€2.9 million/$3.1 million) toll in the quarter, in part as a result of the conflict between Ukraine and Russia.

In March, the group said it will not enter into any new contracts with Russian customers.

During the quarter, Akva also completed the sale of shares in Atlantis Subsea Farming, which resulted in a profit of NOK 33 million (€3.2 million/$3.4 million).