Loch Duart success shared with staff
LOCH Duart made a £42.5 million turnover in the last financial year, up from £26.4 million in 2015/16.
Profit before tax was £8.5 million, compared to a £2.4 million loss in the previous year, when a jelly fish attack on the company’s Hebridean stock hit both revenues and profit.
This was not repeated in 2016/17 and the success of the year meant that around £3 to £4 million 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 Loch Duart’s managing director, Alban Denton.
‘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 £3/4 million in bonus payments with all staff.’
The company was recognised as Food & Drink Company of the Year at the Made in Scotland awards and Foodservice Product of the Year at the Scottish Food & Drink Awards. Denton was also named Chief Executive of the Year at the HR Network Scotland National Awards 2017.
The company’s 2016/17 performance has enabled it to re-invest £2.9 million during the year and a similar level of investment is planned for 2017-18.
It is also investing heavily in its non-medicinal management and maintenance of fish health. The company also reduced its loans and bank debts, which had fallen to £2.6 million by March 31, 2017, from £7.2 million.
Headcount at the firm increased to 109 by March 31, up from 103, and has subsequently increased to 115.