Cooke’s Scotland arm reports profits for 2022 up 31%

Stewart Rendall, North Isles Manager ©Cooke Aquaculture Scotland

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.

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