Mowi Scotland Q1 30% higher, but global output down

Mowi staff member, Beitveitnes, Norway

Mowi Scotland produced an encouragingly higher harvest during the first three months of this year, a trading update today shows.

The output between January and March from the division, which has suffered from biological and other issues in the past, totalled 14,500 tonnes against 11,000 tonnes a year earlier – a rise of 3,500 tonnes – or an increase of more than 30%.

The Scotland operational EBIT per kilo, however, was down from 2.45 euros last year to €2.20 euros this time.

Mowi Ireland, which had been affected by high temperatures in the past, did produce an improved financial performance.

On a global level Mowi produced a lower than forecast operational profit of €201 million (£172m) against €322m (£276m) last year.

Seafood analysts in Norway had been expecting a profit of around €220 million (£188m), but production problems, especially those around winter sores, were tougher than thought.

The group harvest was 96,500 tonnes against 102,500 tonnes in Q1 2023.

The global slaughter breakdown is as follows (Ebit per kilo in brackets) :

Farming Chile 12,500 tonnes (€0.95)

Farming Canada 8,500 tonnes (€0.25)

Farming Ireland 1,000 tonnes (€3.90)

Farming Faroes 2,500 tonnes (€3.50)

Farming Iceland (Arctic Fish) 2,500 tonnes (€3.80).

Mowi said the blended farming cost was €6.05 per kg in the quarter, adding that issues with winter sores, and string jellyfish have resulted in low superior share and average size on fish harvested in Norway. These issues have  impacted price and cost performance accordingly.

Mowi said the complete Q1 2024 report will be released on May 8th.


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