A larger harvest helped The Scottish Salmon Company PLC (SSC) to post increased revenues and profit for the first-quarter of this year compared to the corresponding period of 2018.
The Edinburgh-based company’s revenue for the last quarter totaled GBP 53.5 million (USD 69.7 million, EUR 62.1 million), up from GBP 43.4 million (USD 56.6 million, EUR 50.4 million) in Q1 2018. Its harvest volume for the three months increased by 22 percent year-on-year to 8,725 metric tons (MT).
Driven by strong prices, SSC’s revenue per kilogram increased from GBP 6.08 (USD 7.93, EUR 7.06) to GBP 6.13 (USD 7.99, EUR 7.12), while its earnings before interest and taxes (EBIT) per kilogram before fair value adjustment fell to GBP 1.76 (USD 2.29, EUR 2.04).
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased from GBP 15.2 million (USD 19.8 million, EUR 17.7 million) to GBP 20.2 million (USD 26.3 million, EUR 23.5 million).
Export volumes accounted for an increase of 65 percent of total sales during the period (61 percent in Q1 2018), mainly spurred by exports to North America and Far East Asia.
"Our commitment to Scottish provenance continues to further strengthen the position of our brands, particularly in key export markets. We have a global perspective and robust long-term strategy to support growth to which driving exports is fundamental,” said SSC’s CEO Craig Anderson.
In line with the company’s “strong biological performance” in Q1, it has increased its 2019 harvest forecast to 33,000 MT. Furthermore, with anticipated organic growth of around 7 percent, it expects to achieve a target production volume in excess of 45,000 MT by 2025.
Last year, it harvested a total 29,913 MT.
SSC has also announced that Fiona Larkin will leave her position as chief financial officer on 1 October, 2019, to assume a senior management role at a firm not involved with the seafood industry. Larkin has worked for the SSC for five years.
