Losses continue at Norcod despite booming market

Unveiling its April to June results today, the company announced an operating loss of NOK 47m (£3.45m) which was 7% down on the Q2 loss last of NOK 50m (£3.6m).

Norcod produced a harvest of 1,541 metric tons (whole fish equivalent) 16% down from 1.830 tons last year. But the harvest for the half year is so far up by 19%.

It also reports that the cod market is continuing its strong outlook with high prices and (high) demand.

A total of 1,273m fish were stocked across three sites during Q2.

“We will see an increase in standing biomass during the second half of the year and are on track to harvest approximately 8 000 tonnes in 2025,” the company added.

During parts of Q2 and Q3, Norcod temporarily paused harvesting to allow the fish to grow and reach an average weight better aligned with market demand.

This period was also used to upgrade the Kråkøy processing plant, including the installation of a new gutting machine.

Norcod continued: “We have aligned our future production plan at new and existing locations so we will have an ideal balance between spring and fall releases, which will ensure a stable 12-month production and harvest.

“This results in a temporary lower level of biomass at sea but lays the foundation for profitable growth.”

Looking ahead, Norcod said: “The company’s top priority is to build a solid foundation for profitable growth by focusing on cost optimisation, operational efficiency, and a growth strategy designed to capitalise on scale-up benefits.

“Prerequisites for further growth in 2026 are in place, and we are now preparing for continued growth throughout 2027.

“The company will continuously assess its growth and scale up plans according to the development in biomass and the company’s financial position. While acknowledging that biological challenges remain a risk.

“Norcod is confident that ongoing operational improvements combined with strong market conditions and scale-up benefits provide a robust platform for long-term profitable cod farming.”