Mowi achieves record revenue for Q2

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Mowi today recorded all-time high revenue of 1,365 million (£1,166m) in the second quarter of 2023, with its Scottish operating achieving improvements on a number of fronts.

The earnings total compares with €1,232m (£1,053m) in the corresponding quarter of 2022. The operational profit was also strong at €300m (£256m) in the quarter.

Mowi said the record results were driven by strong operational performance in all business areas in addition to good prices.

Mowi CEO Ivan Vindheim said: “Strong volumes, good salmon prices and, most importantly, excellent operational performance by my 11,500 colleagues across the world, resulted in a new record-breaking quarter for Mowi. I am very pleased to see continuous improvement over time throughout the value chain.”

Consumer Products delivered a seasonally record-high quarter on strong yields and improved operational efficiency. Consumer demand continued to be good, volumes improved, and average prices increased.

“I am impressed by the organisation’s commitment and performance both upstream and downstream. We continue to capture market share and capitalise on our advantages as a global, integrated company. Our branding efforts continue unabated, and the Mowi brand now has a truly global footprint, being present in 18 markets, with focus on further growth,” Vindheim said.

Mowi’s feed division also had a strong quarter, recording its best-ever second quarter earnings.

Vindheim added: “Sold volumes were seasonally record-high on the back of continued strong growth in sea, which demonstrates the high quality of our feed. Feed composition, effective sourcing, feed performance analysis and collaboration between Feed, Farming and R&D divisions are all key ingredients for the success of our feed strategy.”

Mowi is paying a dividend of NOK 2 per share.

In Scotland the operational EBIT doubled from €20.7m (£17.7m) a year ago to €41.8m (£35m) in Q2 this year the equivalent of €2.29 per kilo.

Ivan Vindheim, Mowi CEO

Mowi said that, compared to a year ago, the Scotland biological performance had improved during the period with notably higher harvest weight and volumes.

The company said: “This, combined with strong market conditions for salmon of Scottish origin, led to significantly improved earnings. Financial EBIT amounted to EUR 17.3 million (EUR 67.8 million). Price and volume development

“The overall price achieved was 2% above the reference price in the quarter (20% below). Contribution from contracts, including contribution from Consumer Products, was positive relative to the reference price (negative in the second quarter of 2022).”

Harvest volume was 18,278 tonnes gutted weight, which was significantly up from 12,954 tonnes in the comparable quarter.

Increased survival rates, improved harvest weights and relatively good seawater production contributed to the volume increase, in addition to proactive management of harvest plans to reduce biological risk in the latter part of the quarter.

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