Cooke’s Scotland arm reports profits for 2022 up 31%
Cooke Aquaculture Scotland saw profits up by almost a third in 2022 despite a “challenging year”, the company has reported.
Accounts for the year ended 31 December 2022, just published, show net profits up 31% to £27.5m. This was despite a modest increase in turnover of 4%, to £184m, and volumes falling by 15% on the previous year.
The results reflect record salmon prices during 2022, although the company also experienced cost increases.
The company’s net current assets were £141.5m in 2022 (2021: £116.9m), up 21%. The value of Cooke Scotland’s biological stock at the year-end was £96.4m (2021; £75.4m).
Cooke Aquaculture Scotland paid no dividend this year to its Canadian-based owners, Cooke Aquaculture. The company paid less tax, £4.7m, in 2022 compared with £5m in 2021, largely due to adjustments relating to prior periods.
The directors noted that 2021 had been a challenging year in terms of costs and biological issues, particularly micro-jellyfish, but added that the company had received permission for a new site, East Moclett, off Orkney, after a successful public engagement.
The breakdown of the company’s sales by value was:
- UK 39%
- France 35%
- Rest of Europe 11%
- Rest of world 14%
Directors’ emoluments (pay) totalled £389,333 in 2022 (2021; £485,382) and the highest paid director earned £250,315.
Cooke’s feed subsidiary in the UK, Northeast Nutrition Scotland Ltd, increased turnover by 39% to £72.7m last year, but saw costs up 41% to £71.9m, and the company made a post-tax loss of £370,482. In 2021 the feed company made a post-tax profit of £218,324.
Both costs and turnover were up thanks to materials and labour cost increases, and exchange rate movements.
