Bakkafrost Scotland recovery continues into 2024

Bakkafrost says its Scottish arm is on a steady but positive road to recovery, despite the latest trading update which shows a year-on-year fall in production for this year’s first quarter.

The Scotland division has reported a harvest of 7,300 tonnes for the January to March period. This compares to 8,100 tonnes a year earlier, when all of that total came from Scotland North.

Scotland South, which produced nothing 12 months ago, turned in 3,300 tonnes this time while Scotland North produced 4,000 tonnes.

The Faroe Islands total was 14,300 tonnes, up from 11,000 tonnes last year.

Feed sales in Q1 2024 were 27,000 tonnes, up from 22,300 tonnes in Q1 last year,

Bakkafrost said Havsbrún sourced 136,900 tonnes of raw materials during the recent quarter.

Bakkafrost said in its annual report, published last week, that, prospects for 2024 are bright with increased biomass and larger fish in the water in both the Faroe Islands and Scotland, indicating robust biological health.

It added: “Our strategic initiative, ‘One Company’, aimed at integrating our Scottish and Faroese operations, continues to progress effectively.

“In 2023, we streamlined processes and restructured the organisation to enhance efficiency, which included a workforce reduction of 75 employees in Scotland, in addition to the earlier mentioned layoffs in the Faroe Islands due to adjustments in value-added processing in response to tax changes.”

The report said Bakkafrost stood in an advantageous position with an increased biomass comprising a high share of large-sized fish (of which there is a shortage) of almost exclusively superior quality.

The full Q1 report, including financial information, will be published on 6 May.