The Scottish Salmon Company (SSC) harvested 11,617 metric tons (MT) of farmed salmon in the first-half of this year, down from 13,123 MT in H1 2016, but achieved revenues of GBP 72 million (USD 93.3 million, EUR 78.4 million), an increase of GBP 14.4 million (USD 18.7 million, EUR 15.7 million) year-on-year.
Its earnings before interest, taxes, depreciation and amortization (EBITDA) in the last six months amounted to almost GBP 23.3 million (USD 30.2 million, EUR 25.4 million), up from GBP 9.2 million (USD 11.9 million, EUR 10 million) a year previously.
The Edinburgh-headquartered company said that successful performance in the first half of 2017 has been underpinned by a strong market for Scottish salmon, increased weight of harvested stock and a strong focus on operational performance, while the lower harvest volumes were a result of the biological challenges experienced during the second half of 2016.
Its operating costs for the six months were consistent with last year at GBP 48.7 million (USD 63.1 million, EUR 53 million), though the costs per kg increased to GBP 4.19 (USD 5.43, EUR 4.56) from GBP 3.69 (USD 4.78, EUR 4.02) 12 months previously.
“Considering the industry wide biological challenges, SSC’s farming operations performed well during the first half of 2017 benefiting in some measure from operational efficiency and recent investments in infrastructure,” the company said.
During the period the use of a new hydrolicer was implemented and a cleaner fish program was extended.
While the effects of Brexit are yet to be determined, SSC said it would maintain strong relationships with its customers within the EU area while also continuing to increase exposure to overseas markets in North America and the Far East. It will also be producing more consistent levels of its “Label Rouge” range, offering further opportunities to increase overseas sales of this premium salmon.
Native Hebridean branded salmon will also provide SSC with a point of difference in the marketplace which will build as seasonal supply transitions to a year round offering, it said.
Its target annual harvest for 2017 is 25,000 MT.
