Salmon farmer Nordlaks, which recently received an official rebuff over its giant offshore Havfarm platform, saw sales fall by more than 10% last year, mainly as a result of the coronavirus pandemic.
Operating revenues fell by NOK 327m (£26m) to NOK 2.7bn (£221m) with the annual profit emerging at NOK 400m (£32m).
Nordlaks has invested more than a billion krone bringing the offshore giant Havfarm 1, also known as the “Jostein Albert” from China to Norway.
But last month the Norwegian Directorate of Fisheries rejected an application for 13 development licences on the vessel to be converted into permanent licences, citing high mortality rates as the main reason. The company is appealing that decision.
CEO Eirik Welde said: “The accounts show that Nordlaks was affected by the coronavirus pandemic which caused an upheaval in the turnover of salmon.
“What the figure does not show is the enormous effort throughout the organisation to ensure good operations and progress in our projects despite an otherwise very demanding year.”
He said Nordlaks was growing. In the past four years it had completed a new hatchery and several construction projects along with investing NOK 3.2bn and taken on more than 100 new staff.
He also pointed out that the conversion of the development permits on the Jostein Albert was an important part of the company growth plan.
“We need financial muscle to carry out our large project plans and to create even greater activity both within Nordlaks and among our suppliers,” he added.