Scotland boosts strong Mowi Q1 performance

MOWI’S Scottish operations played a key role in the world’s largest salmon farming company announcing strong results for the first three months of this year, figures show today.
The company reported a 2019 Q1 group operational EBIT of €196 million, considerably up from the 2018 figure of €158 million over the same period a year ago.
Mowi CEO Alf-Helge Aarskog said: ‘Demand for our products remains strong and has resulted in high prices in all markets. 
‘Good operational performance and seasonally record high harvest volumes, have also contributed to good results for the group.’
The operational EBIT from Scottish operations more than doubled from €16.1 million in Q1 2018 to €35.8 million this year. Salmon of Scottish origin also  achieved the best operational EBIT per kilo increase, up from €1.85 per kg  in 2018 to €2.27 this quarter. 
Salmon of Norwegian origin achieved an operational EBIT per kilo of € 2.07 (€2.26)  while salmon of  Canadian origin reported operational EBIT per kilo of €1.41  (€ 1.10). Salmon of Chilean origin reported operational EBIT per kilo of €1.47  (€1.36). 
Salmon of Irish origin had an operational EBIT per kg of €4.38 (€4.37). Mowi Feed reported an operational EBIT of € (minus) -2.4 million (€ minus – 4.3 million). Mowi Consumer Products reported an operational EBIT of €5.8 million (€21.9 million)
The company said results from the farming segment in Scotland and other major production centres such as Norway, Chile and Canada were good with harvest volumes increasing. 
Although improved biological performance remains a top priority, in some areas biological conditions are challenging. 
Mowi reported first quarter operational revenues of €979 million (€862 million) with harvested volumes totalling 104,188 tonnes (81,212 tonnes ). The expected harvest for this year is unchanged at 430,000 tonnes.
During the quarter the Mowi brand was launched for the first time in Poland. Aarskog said: “The launch in Poland is only the beginning of the Mowi adventure. It will be a good test market for further roll-outs in further selected markets.”
Mowi’s plans for a seabed farming project known as Aqua-Storm were rejected by Norway’s Directorate of Fisheries last week even though it described it as a well planned scheme. 
But it added that well planned projects were not enough and described the technology involved as challenging. 
However, the Directorate seems to have left the door open for a revised scheme to be put forward in due course.