Scottish Salmon Co. revenues up to £29.1m

The Scottish Salmon Company reported revenues of £29.1 million for the first quarter of 2016, up from £27.3 million in the same quarter last year.

Operating profit, though, fell to £4.2 million compared to £6.5 million in the first quarter of 2015.

Salmon harvested totaled 6,741 tonnes, up from 6,261 tonnes for the same period last year.

Exports accounted for 43% of total revenues in the quarter.

“Market conditions have been encouraging throughout the quarter with industry prices continuing to rise in response to growing consumer demand and lower output from Chile,” said the Edinburgh-based and Norway-listed Scottish Salmon Company in a statement.

“Exchange rates have also been more positive with the Norwegian Krone strengthening, allowing the company to secure better prices in the traded market in Sterling.”

The company’s exclusive Native Hebridean Salmon has now been launched into international markets — a major milestone in the firm’s innovative “Broodstock Programme.”

“Following several years of research and development, the company has produced a salmon with unique lineage and full traceability,” said the company.

“Bred from stock sourced directly from the waters off North Uist in the Outer Hebrides, the premium salmon has greater muscle density than other farmed salmon.”

Craig Anderson, managing director at The Scottish Salmon Company, said: “While 2015 was not without its challenges, we secured our second highest volumes and turnover.

“We have continued this positive performance into 2016, demonstrating year on year growth and clear progress with our export strategy through marketing and innovation.

“There were fewer external factors impacting on harvesting this quarter and the majority of sites met their projected yield.

“A further 2,000 tonnes of consent is due to become operational this year, increasing harvest volumes as part of our long term plan for sustainable growth.

“We have enjoyed a solid start to 2016 and, with strong prices forecast for the rest of the year and growing consumer demand, we are well placed to meet our growth targets.

“Provenance remains at the heart of our business and we have ambitious plans for our exclusive new Native Hebridean Salmon range.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.