Higher first quarter revenues from SSF, but low salmon prices hit profits

The figures are contained in the Lerøy Seafood Q1 report published today and show that the parents company, which owns a half share in the business and SSF enjoyed a good start to 2025.

SSF revenue totalled NOK 900 million against NOK 848 million a year ago.

The harvest increased from 7,299 tonnes to 8,414 tonnes this year, but it produced a pre-tax loss of NOK -49 million (minus £3.5m) due to lower salmon prices during the period against a profit of NOK 93 million (£67m) in Q1 2024.

Lerøy said the biological during the quarter was good with the next generation of fish performing well.

The harvest guidance for 2025 is unchanged at 32,000 tonnes due to a planned reorganisation of the site structure, but the long term potential remains significantly higher, Lerøy said.

At a group level Lerøy Seafood had an operational operating profit of NOK 1,049 million (£75m) in the first quarter, up from NOK 842 million (£60m) last year.

CEO Henning Beltestad said the results showed a strong performance during the quarter but were characterized by significantly lower spot prices for salmon and trout than a year ago.

He added: “Improvements in genetics, roe and smolt quality, use of shielding technology and general process improvement are a significant part of the explanation.

“We are satisfied with the development in aquaculture, and see that the measures we have implemented have a positive effect on fish welfare and thereby also our financial results.”