Scottish Salmon Company reports record profits26 August, 2011 –
THE Scottish Salmon Company PLC, has reported a record second quarter and half year results, as plans to increase production signal strong future performance.
Net operating revenue for 2011 Quarter 2 totalled £31.7 million (compared to £19.0 million in 2010 Q2) achieved on sales of 7,582 tonnes (4,916 tonnes in 2010 Q2) of harvested salmon. Profits were £8.5 million for the quarter (£5.5 million in 2010 Q2). Half year revenue amounted to £57.1 million (£43.0 million in 2010) with profits hitting £15.1 million (£12.1 million in 2010).
The company said that continuing good biological performance into Quarter 2 was a key factor, while the Company’s strategy for contracting with trusted partners for high volumes of product has protected it from the current softening of market price.
Quarter 2 also saw the completion of the transfer of all West Minch Salmon (WMS) interests to The Scottish Salmon Company, following the smooth integration of site operations.
Increasing volumes to meet the demand for high quality salmon continues to be an important focus for the Company, which is committed to building a sustainable business within Scotland’s rural communities. Due to stock cycles and while investment plans are implemented, harvest volumes are expected to be in the region of 23,000 tonnes for 2011 and 2012 with volumes rising through 2013, 2014 and 2015.
The Scottish Salmon Company is a principal player in the Scottish aquaculture industry responsible for approximately 20% of Scottish salmon production. In June, it was awarded Best Aquaculture Company in Scotland at The Crown Estate Marine Aquaculture Awards, recognising the Company’s sustainable practice, business performance, investment, staff management practices and local community involvement.
Bill Hazeldean, Chief Executive of The Scottish Salmon Company said: “The successes of Q2 are an endorsement of the hard work and dedication of the staff at The Scottish Salmon Company. We are committed to building a sustainable business in Scotland that delivers value to all stakeholders and to that end we have been highly diligent in every aspect of our operations, from investing in sites through to working with local and supply chain partners. This is reaping results now and will underpin our future growth.”
The Scottish Salmon Company owns over 40 sites on the Hebrides and West Coast of Scotland along with two processing plants. The UK Head Office is located in Edinburgh and the company currently employs over 350 people, many of whom live in remote rural communities. Formerly Lighthouse Caledonia, the Company launched as The Scottish Salmon Company in July 2010.