Norcod has announced a significant turnaround in its financial position, nearly doubling revenues and reporting a 2021 first quarter profit.
The Norwegian cod farmer announced an income of NOK 11.8m (£1m) compared to NOK 6.3m (£546k) for the same period last year.
The pre-tax operating profit was NOK 1.5m (£130k) against a loss of NOK 16.7m (£1.4m) in Q1 2019. The company says biological performance is going strongly and has reported a “satisfactory” financial position.
It also said that, due to high market demand stemming from Norcod’s trial harvest in December, the company will conduct another and final out-take of cod in Q2 to further promote the product before first full harvest begins as planned in Q3. The company aims to produce 6,000 metric tons in this first cycle.
The report highlights that in January Norcod transferred a new tranche of cod fry to growth facilities. The fry of the sixth generation from the company’s joint venture partner Havlandet went to the same growth facilities Norcod used for the first batches of fry last year.
A Global GAP (Good Agricultural Practices) initial audit was conducted in mid-February.
Norcod has been granted a new sea location in Meløy municipality in Nordland county, which the report says “marks another important milestone on the company’s journey towards year-round industrial-scale farming of fresh cod”.
The report says: “Securing the site furthers Norcod’s strategy to farm cod from the Trøndelag region in Mid-Norway and northwards along the coast. “
The report also notes that Norcod completed rebranding exercise with a new visual identity based around “a strong, clear, modern and elegant logo” featuring a simple circular design element described as the ‘Norcod circle’.
The company says the circle is symbolic of, firstly, fish schooling in ring formation representing Norcod’s “fresh promise” (with rapid delivery in 48 hours to the UK and Northern Europe and 72 hours to Southern Europe and the US) and the important issue of fish welfare.
Looking ahead, Norcod said it will begin construction of its own fry facility in Florø together with Norcod’s joint venture partner Havlandet Havbruk AS. The plant is expected to be completed in the summer of 2022.