THE Scottish Salmon Company has announced a 23 per cent jump in earnings for the first three months of 2018, thanks to higher prices and an increase in exports.
Revenue for the first quarter totalled £53.5 million, up by more than £10 million from the 2018 figure of £43.4 million.
Harvest volume increased by 22 per cent, from 7,136 tonnes to 8,725 tonnes, while the revenue per kilo rose from £6.08 to £6.13, driven by strong prices.
The company said the underlying demand for Scottish salmon remained strong, with exports accounting for 65 per cent of sales, up from 61 per cent in Q1 2018, largely driven by strong demand from the US and Asia.
‘Supporting the strategy for responsible growth, further investment is planned for 2019,’ the company said.
‘During Q1 an upgraded harvest station opened in the south and investment continued in freshwater facilities.
‘The new Applecross Kishorn facility will be stocked in the summer, with the remainder of the facility opening in early 2020.’
The guided harvest forecast for this year is 33,000 tonnes, with a production target of over 45,000 tonnes by 2025.
‘This reflects the company’s substantial consent pipeline,’ the company’s report added.
Picture: Scottish Salmon Company CEO Craig Anderson