Signs of progress at Grieg in Shetland
GRIEG Seafood is continuing to battle with biological and other problems at its Shetland operations, but there are signs of progress, the group’s impressive 2019 first quarter figures show.
Shetland harvest volumes increased by 49 per cent from Q1 2018 to 1,788 tonnes, and revenues rose by 41 per cent from NOK 86.8 million to NOK 122.3 million.
However, the division made an operating loss (EBIT) of NOK 24.9 million (about £2.2 million) compared to a loss of NOK 7.1 million in the same period last year. Grieg said that despite challenges with gill related disease and winter ulcers last year, the quality of fish was high, with a good average weight.
And while the price achieved was also good, it was lower than a year ago.The survival rate was 85 per cent.The company said costs were likely to remain high for the time being, but it expected a gradual reduction as harvest volumes increased.
Grieg Seafood Shetland is co-operating with other sea farmers in the region to establish a more sustainable marine biology.