Salmon Evolution ‘ready for next chapter’

Salmon Evolution presented its Q1 results yesterday, reporting revenues of NOK 152.2 million (£12m). The company was in profit for the quarter, with a farming EBITDA of 17.6 million (£1.4m) and a group EBITDA of 9.5 million (£766,000).

Salmon Evolution CEO Trond Håkon Schaug-Pettersen said the company is at a genuine inflection point “following the initiation of operations in phase 2 with first smolt release completed, and a successful equity raise and refinancing providing a solid capital structure going forward”.

He added: “At the core is a proven platform where the heavy lifting is done. Production volumes are expected to more than double over the next 12 months, driven by improved productivity in Phase 1 and the ramp up of Phase 2.”

This, he said in the announcement, marks the transition from a period dominated by investments to harvesting the full value of the platform.

Schaug-Pettersen added: “I am incredibly proud of the collective effort that has brought Salmon Evolution to where we are today.

“This milestone would not have been possible without the dedication and hard work of our entire organisation.”

Among the milestones for Q1 at the Indre Harøy phase 2 facility was the completion of the first smolt release.

The company also reports a significant step-change in growth following implementation of new feed and changes to operational protocols during Q1, which it says reinforces confidence in the stated operational targets for the coming periods.

Salmon Evolution says it also has a solid capital structure in place now, following completion of refinancing and a private placement of equity last month.