Posts Tagged ‘Faroes’
Bakkafrost Q4 Scotland harvest hits floor at 1,100 tonnes
Bakkafrost harvested less fish during the final quarter of last year, the latest trading update from the company shows. The fall was expected after a series of downbeat forecasts last year. Faroes-based Salmon producer Bakkafrost harvested a total of 17,100 tonnes of which only 1,100 tonnes came from its Scotland arm. This compares with 19,300…
Read MoreBakkafrost lays off 140 processing staff
Bakkafrost is laying off 140 factory processing staff in the Faroe Islands, blaming the local tax regime and changing business conditions for the decision. According to the radio station Kvf.fo, a church minister and a psychologist were present when the redundancies were announced at the company’s Glyvrar headquarters. Kvf said the atmosphere in the room…
Read MoreHigh salmon prices will continue into 2024 – Bakkafrost chief
Bakkafrost CEO Regin Jacobsen remains in positive mood despite various challenges at its Scottish and Faroe Island farming operations. He told shareholders in the company’s third quarter report yesterday that the supply growth was likely to remain low for the coming quarters. “The Chinese market has gained momentum and we have also increased our market…
Read MoreBakkafrost to postpone some slaughtering as profits drop
The Bakkafrost Group delivered a total operating EBIT or operating profit of 269 million Danish kroner (£31m) during the Q3 July to September period this year, down from DKK 325m (£37m) 12 months ago. With lower harvests from the Faroe Islands and problems in Scotland, the results were not unexpected, but the company has also…
Read MoreHigher Q3 harvest and profit for Mowi Scotland
Mowi today unveiled a 2023 third quarter record high harvest and an EBIT or operational profit of €203m (£177m) with Scotland showing a marked improvement on two fronts. In contrast, profits for the group as a whole were down on Q3 last year. Seafood analysts in Norway said the Mowi results were weaker than expected,…
Read MoreJT Electric sparks deal to buy out Sterner UK
Faroes group JT Electric has acquired specialist fish farming equipment Sterner UK, for an undisclosed sum. The deal means the current management of Sterner UK will become shareholders in JT electric. Sterner UK is based in Scotland. Gregor Sutherland, Managing Director of Sterner UK, said: “JT electric operates worldwide and Sterner UK is delighted to…
Read MoreBakkafrost bullish on Q3 results
Faroese fish farmer Bakkafrost, owners of the Scottish Salmon Company, today announced a third quarter EBIT of 102.7 million Danish kroner (DKK) (£12m) during what has been a difficult period for salmon farmers. Comparisons with Q3 2019 do not apply this time because during that period SSC was not an integral part of the group.…
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