Salmon Evolution produces upbeat Q2 results
The emerging land based fish farmer Salmon Evolution today announced a second quarter turnover of NOK 60.7m (£4.6m) and said its biomass production was back on track after suffering biological issues in the spring.
The company also revealed that the third quarter was on track for record high production at its Indre Harøy location, on the Norwegian coast.
The standing biomass on 15 August was 1,628 tonnes. In May 585 tonnes of fish was harvested with what the company called a “93% superior proportion, tight weight concentration and good price realisation”. It is planning a further harvest at the end of Q3.
In June Salmon Evolution signed contracts for the design and development of the second phase of its hybrid flow-through facility at Indre Harøy.
The company reported that batch 6 and 7 had been stocked at the end of May and end of June as planned.
Production costs had been “favourable”, Salmon Evolution said, and further improvements are expected alongside increased production volumes.
Contracts have been awarded for phase 2 of the Indre Harøy plant, with Artec Aqua, a leading supplier for land-based aquaculture, and general contractor HENT. Upon completion this phase will add another 7,900 tonnes HOG (head-on gutted weight) of annual production, bringing the total up to 15,800 tonnes HOG per annum.
The company carried out a successful private placement in April, raising gross proceeds of NOK 525m (around £40m).
Salmon Evolution said it is targeting a leading position in the production of sustainable high-quality salmon from land-based facilities.
In addition to its 31,500 tonnes project in Norway, the group is expanding internationally through a joint venture in South Korea.
The report added: “Furthermore, the group has initiated an expansion plan into North America. Through utilisation of technology, competence and experience from domestic projects, Salmon Evolution aims to develop projects in targeted growth markets in collaboration with local partners.”
The company said it has a clear road map towards 100,000 tonnes production capacity by 2032.
