Scottish salmon farmer rewards staff after finishing 2017 in the black
Independent salmon farming company Loch Duart Ltd. achieved a turnover of GBP 42.5 million (USD 57.8 million, EUR 48 million) for the 12 months ended 31 March, 2017, resulting in profit before tax of GBP 8.5 million (USD 11.6 million, EUR 9.6 million).
The Scottish firm produces around 5,000 metric tons (MT) of fish annually,
The results were an improvement on the previous 12-month period, which delivered a turnover of GBP 26.4 million (USD 35.9 million, EUR 29.8 million) and a loss of GBP 2.4 million (USD 3.3 million, EUR 2.7 million).
Northwest Scotland-based Loch Duart said the 2015-16 accounts had been impacted by a jellyfish attack on the company’s Hebridean stock, which affected both revenues and profits for that and the prior year. This was not repeated in 2016-17 and the success of the year meant that around GBP 750,000 (USD 1 million, EUR 846,658) in bonus payments was shared with all staff.
“Our last financial year featured good fish growth, better control of the biological challenges facing the whole industry and strong salmon prices,” said Alban Denton, managing director of Loch Duart. “Loch Duart is a relatively small player on the salmon farming stage but we contribute significantly to the remote, rural communities in which we operate. The hard graft of our staff members is turning around the fortunes of this proud, world-class company. We properly acknowledged their fantastic efforts by sharing around GBP 750,000 in bonus payments with all staff. It’s terrific that the benefits of producing this wonderful food flow through to the beautiful, rural locations where we work.
The company’s 2016-17 performance enabled it to re-invest GBP 2.9 million (USD 3.9 million, EUR 3.3 million) in the business during the year and a similar level of investment is planned for 2017/18. Loch Duart is also investing in non-medicinal management and fish health. It has also reduced its loans and bank debts.
“Loch Duart’s strategy is to sell into niche markets where our brand values are appreciated and valued, whether at home or abroad," Denton said. "[In 2017], Loch Duart’s achievements were recognized in winning Food & Drink Company of the Year at the Made in Scotland awards and Foodservice Product of the Year at the Scottish Food and Drink Awards.”