Scottish Salmon Company nears decision on sale

The Scottish Salmon Company PLC (SSC) has said it could reach a decision on whether to sell all or part of the company by the end of this month.

The update came as SSC reported record first-half revenues of £111.8 million driven by higher harvest volumes.

In July, SSC said it received “several formal, non-binding expressions of interest to purchase part or all of the company” amid a review of its strategic options.

Now, in its report for the first half of 2019, SSC revealed: “Whilst it is envisaged that the review will be concluded by the end of September 2019, the company does not expect to disclose further information on the development of the review until the process has been completed or terminated, or if a disclosure is required in order to comply with applicable laws and regulations.”

The Scottish Salmon Company is based in Melville Crescent, Edinburgh, registered in Jersey and listed on the Oslo Stock Exchange.

SSC employs about 600 people.

According to the firm’s website, Switzerland-based SIX SIS AG controls almost 73% of The Scottish Salmon Company and Frode Teigen of Norway is the next biggest shareholder with 6.3%.

On the first-half results, SSC CEO Craig Anderson said: “The business has delivered strong results in the first half of the year and we remain committed  to responsible business growth through our well-defined strategy. 

“Priorities are: to invest in our operations, enhance operating efficiencies and maximise value; further strengthen the position of our brands; and increase exposure into key export markets, which now account for 67% of sales.

“In the first half of the year, we delivered record revenues of £111.8m, despite a softening in market conditions and contending with localised operational and biological events that impacted production in Q2.

“Over the long-term, the aim remains to deliver steady and sustainable growth. 

“We remain on track to achieve our target volume of 33,000 tonnes by the year-end and 45,000 tonnes by 2025 with planning consent being obtained for two sites.

“Our ongoing investment strategy continues to demonstrate results and support increased production.

“As we achieve greater scale, we continue to make significant investments in site development, operational capacity, biological innovations and infrastructure.  

“The full benefit of this investment cycle will be realised going forward, ensuring we take advantage of an increasing share of global market potential as the demand for our Scottish salmon continues to grow.”


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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.