Big leap in Grieg’s profits

SHETLAND’S largest salmon producer saw pre-tax profits leap to £5.2 million in 2014 from £148,161 the year before.

Grieg Seafood Hjaltland, which employs more than 200 staff across in 30-plus sites on the Islands, said a turnaround plan commenced by management in early 2013 has ‘provided significant improvement both in terms of results and biological situation through 2014’,

Accounts filed at Companies House show that turnover at the Aberdeen registered company, owned by Norway’s Grieg Seafood, grew by more than one third (35 per cent) to £81.6 million. The producer noted that the ‘high market price achieved throughout most of the year’ allowed it to more than double operating profit to £7.8 million, up from £3.4 million in 2013.

In July the company launched a new salmon hatchery at Girlsta.