Fish farmer Nordic Halibut has reported a big increase in sales during the first three months of this year, proving it is not just salmon companies which are enjoying a boom.
The company announced a 63% Q1 increase in revenues to NOK 18.65m (£1.5m).
Nordic said it is experiencing increased demand from existing and new customers for its sushi-grade halibut, which is currently exceeding available supply. The company is now implementing a considerable growth plan in order to maintain a balance.
It achieved a 17% higher average sales prices for fresh whole halibut of NOK 134.4 (£11.16) per kilo, considerably higher than salmon.
Nordic Halibut is not only benefitting from the general rise in almost all fish prices, but more importantly the reopening of restaurants after the Covid lockdowns. Halibut is a popular menu item.
Highlights during the quarter include:
- The thriving market conditions continues to keep demand and price levels high into 2022.
- Harvest volumes during Q1 2022 reached 140 tonnes HOG (+41% YoY) with guide harvest volume for 2022 maintained at 600 tonnes HOG (heads on gutted)
- Biological performance and business development progressing, in line with the company’s published business plan, towards 4,500 tonnes HOG within 2026 and 9,000 tonnes HOG by 2030.
- Nordic Halibut has successfully taken the new grow-out location at Grønset into production with promising signs and significant scale potential.
Looking ahead, the company said: “Nordic Halibut’s fully integrated value chain from roe to sales is built and organised on the Company’s growth plan to harvest 4, 500 tonnes (heads on gutted) by 2026.
“The current infrastructure and capacities at the production facilities at Midsund, Askøy and Averøy are following investments during last year and this year are able to produce one million juveniles annually – the number of juveniles needed to produce 4,500 tonnes HOG halibut.”
The company currently has three locations with a fourth due to be added over the next 12 months or so.