LIGHTHOUSE CALEDONIA ANNOUNCES Q3 RESULTS20 November, 2009 –
Scotlands largest independent salmon farming business has posted strong results during Q3.
Lighthouse Caledonias Q3 2009 profits were £4.3m, up from just £495,900 in Q3 2008 when the company was under the management of its previous board.
The company also recorded operating revenues of £20.1m this year, from £12.1m last year.
Lighthouse Caledonia harvested 6,407 tonnes of salmon in Q3 2009, up from 4,672 tonnes in Q2 2009 and from 4,922 tonnes in Q3 2008. The company is on track to harvest 21,500 tonnes this year.Jim Mullins, Chairman of the company, said: We are very pleased with the progress made this quarter. We have worked hard to put in place a strong and sustainable business producing a high-quality product.
In March 2009, Northern Link Ltd, a global private equity investor advised by Edinburgh-based First Mercantile Partners, rescued Lighthouse Caledonia from the brink of administration and took a leading role in the restructuring of Lighthouse Caledonia with a £17million rights issue.
The company is now forging ahead with plans to build a new processing plant in Stornoway and recently applied for planning permission for the £5m facility. It is also looking to make several acquisitions, develop new key farming sites and achieve EU funding in the coming year.
The company currently accounts for around 20% of Scotlands salmon production.
Jim added: We are now positioned to develop this business to its full potential. By using more traditional methods of salmon farming we can provide a high-quality product and a sustainable business which will benefit local communities throughout Scotland.