Scottish Salmon Co. inks sushi chain deal, reports 1Q results
The Scottish Salmon Company (SSC) has reported a highly successful first quarter to 2014, boosted by a new and exclusive two year contract with a top London restaurant chain and food shops and a growing export market.
The results for the first quarter include significant increases in both turnover and profitability compared to the same period last year, are a direct consequence of the shift from a production focus to a more market led business strategy introduced by new Managing Director Craig Anderson.
Revenues for January to March 2014 were GBP 27.7 million (USD 46.7 million, EUR 34.2 million), compared to GBP 18.7 million (USD 31.5 million, EUR 23.1 million) in the first quarter of 2013, and EBIT GBP 4.1 million (USD 6.9 million, EUR 5.1 million) compared to GBP 1.8 million (USD 3 million, EUR 2.2 million) in 2013. With good biological performance, these results were achieved on harvested volumes of 6,004 metric tons (MT), up from 5,092 MT during the same time period in 2013.
Exports for the quarter were up, representing 48 percent of revenue in quarter as demand rises in Europe, America and in the Far East, where new markets are developing. The overseas customer base is also expanding in the high-end marketplace, with another new contract with the top Swiss food retailer, allowing the company to capitalize on current strong market prices.
In the domestic market, the deal to supply a chain of 48 restaurants and food shops that have built their reputation on healthy food and sustainability, with salmon for sushi reinforces SSC's market position.
“SSC is a re-energized company, open for business, establishing new markets and moving forward with quality fish, at the right size and delivered on time,” Anderson said. “Having made positive moves towards balancing production cycles through organic changes and new consents, we have shifted our focus. Through an intense process of market and client engagement we are building our customer relationships on solid principles of knowledge and understanding of their priorities and requirements. It is making a tangible difference. The new deals with and top tier Swiss and London retail brands are testament to that.
“Last month, as sole supplier to our sister company, Loch Fyne Oysters, consistent high quality was also an important factor behind its success in winning the Queen's Award for Enterprise, in the category for international trade.
“To support the company’s new focus, we are strengthening our management team with outward looking skills that will support our aspirations as a leading producer of premium salmon for a growing domestic and export market.”