Bakkafrost Scotland Q3 harvest up by 1,200 tonnes

A trading update from Bakkafrost today shows that its operations in Scotland are continuing to turn around.

The expected third quarter harvest is 8,100 tonnes against 6,900 tonnes a year ago. This is made up of 5,100 tonnes from Scotland South and 3,000 tonnes from Scotland North. The harvest figures for Scotland, following the publication of disappointing financial results for the Scottish Salmon Company (now operating as Bakkafrost Scotland) for 2021, indicate that the company’s promised improved performance is being delivered.

The Q3 harvest from the Faroe Islands has also increased, up from 14,900 tonnes in Q3 2021 to 16,800 tonnes this year. This is made up of 8,700 tonnes from Faroes North, 5,700 tonnes from Faroes West and 2,500 tonnes from Faroes South.

This makes a total group Q3 harvest of 24,900 tonnes, an increase of 3,100 tonnes on Q3 last year.  All harvest volumes are provided in head-on gutted (HOG) equivalents.

Feed sales in Q3 2022 were 37,800 tonnes  (45,000 tonnes last year) while Havsbrún sourced 76,100  tonnes of raw materials in Q3 2022. The full Q3 2022 report will be released on  November 8th.

However,  the benefits of any improvement in output could be cancelled out by higher taxes next year.

The Faroese parliament is shortly  due to vote on proposals to raise tax rates  on the country’s aquaculture sector, details of which were published earlier this week. This includes increasing the number of tax rates from three to five and raising  the salmon price thresholds that determine when each tax rate is applied.

Bakkafrost has yet to comment publicly on how these proposals will affect company profitability.

However, reports suggest that they could cost the country’s salmon farming industry at least £7m a year.

 

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