Lerøy aiming for NOK 50 billion within five years
The Lerøy Seafood Group has set out a bold financial strategy for the next five years, which includes achieving revenues of NOK 50 billion (almost £4bn) by the end of 2030.
In an Oslo Stock Exchange announcement, the group said it was building on a fully integrated seafood value chain, strengthened biological performance and a disciplined investment programme.
“Lerøy enters a new phase focused on scalable growth, structural cost reductions and improved capital efficiency,” the announcement declared.
“The strategy is anchored in four priorities - Growth, Cost, Simplify and Leadership -through the Lerøy Way execution model and supported by a sharpened capital allocation framework.”
The 20230 target is NOK 50 billion in revenues and an EBIT (earnings before interest and taxation) for VAP S&D (value added processing, sales and distribution) of NOK 2 billion (£157m).
Lerøy is also targeting NOK 1 billion (£78m) in reduced costs, through initiatives underway this year.
CEO Henning Beltestad said: “Our industry-leading value chain integrates downstream demand with material upstream volumes and sourcing capabilities following significant investments.
“With improved operations and a clear cost agenda, we now move into a phase where disciplined execution and capital efficiency will translate into increased returns and free cash flow.”
He added: “Our ambitions are built on tangible operational improvements already delivered. Biological KPIs have improved materially since 2022, and we have demonstrated that the Lerøy Way drives measurable performance improvements across the Group.”
Lerøy said it is serving seafood demand in markets across the world. Value Added Processing, Sales & Distribution (VAP S&D) continues to serve global seafood demand through an integrated sourcing, processing and distribution platform together with leading partners across more than 80 countries.
Last month the group unveiled an operational EBIT of 1,290 million (around £100m) which was in line with targets set out in 2022.
CEO Beltestad explained: “VAP S&D is a value amplifier for the entire Group’s integrated value chain and a central pillar in our 2030 ambitions.
“We have built profitable operations over time with strong local partners, increased volumes and continuous product innovation. The growth ahead will be supported by even deeper strategic partnerships, increased third-party sourcing, improved operational efficiency and selective high-return investments."
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