The Scottish Salmon Company PLC has made a strong start to the year, posting increases in its revenue and overall harvest for the first-quarter of 2016.
Its revenue for the last quarter totaled GBP 29.1 million (USD 42.6 million, EUR 38.2 million), up from GBP 27.3 million (USD 40 million, EUR 35.8 million) in Q1 2015. This was based on a total harvested volume of 6,741 metric tons, which “compared favorably” both year-on-year and with the previous quarter, said the Edinburgh-based company.
Exports accounted for 43 percent of total revenues in the quarter.
In contrast to Q4 2015, where weather conditions and routine maintenance impacted harvests, the majority of sites performed in line with expectations in Q1, delivering increased harvests. At the same time, market conditions have been encouraging throughout the quarter with industry prices continuing to rise in response to growing consumer demand and lower output from Chile, it said.
Exchange rates have also been more positive with the Norwegian Krone strengthening, allowing the firm to secure better prices in the traded market in sterling.
Highlights during the three-month period included the international launch of the company’s exclusive Native Hebridean Salmon, which is bred from stock sourced from the waters off North Uist in the Outer Hebrides.
Further value came from the company's Label Rouge accreditations – France's coveted marque of quality – with the range extended to include packaged fillets for European markets.
"While 2015 was not without its challenges, we secured our second highest volumes and turnover. We have continued this positive performance into 2016, demonstrating year on year growth and clear progress with our export strategy through marketing and innovation,” said Craig Anderson, managing director at The Scottish Salmon Company.
"There were fewer external factors impacting on harvesting this quarter and the majority of sites met their projected yield. A further 2,000 MT of consent is due to become operational this year, increasing harvest volumes as part of our long-term plan for sustainable growth.
"We have enjoyed a solid start to 2016 and, with strong prices forecast for the rest of the year and growing consumer demand, we are well placed to meet our growth targets. Provenance remains at the heart of our business and we have ambitious plans for our exclusive new Native Hebridean Salmon range," said Anderson.
