Scot­tish Sal­mon Com­pany increases vol­umes

Fish Farmer - - United Kingdom News -

THE Scot­tish Sal­mon Com­pany is on course to pro­duce a healthy 10 per cent plus in­crease in its har­vest vol­ume for 2019.

In a trad­ing update by new owner Bakkafrost, the har­vest out­put for the fi­nal quar­ter of the year is 7,900 tonnes gut­ted weight, an in­crease of around 900 tonnes on Q4 in 2018.

The to­tal for the en­tire year will be around 33,800 tonnes, com­pared with 29,900 tonnes 12 months ear­lier.

The Scot­tish Sal­mon Com­pany was ac­quired by Bakkafrost three months ago in a deal worth well in ex­cess of

£550 mil­lion.

The Ed­in­burgh based com­pany’s op­er­at­ing rev­enues in 2018 came to al­most £44.5 mil­lion with an EBIT or op­er­at­ing profit be­fore fair value ad­just­ment of just over £8 mil­lion, but as yet no fig­ures are avail­able for the last 12 months.

Bakkafrost is also fore­cast­ing a much stronger per­for­mance for its Faroe Is­lands based op­er­a­tions, with har­vest vol­umes for 2019 up from 44,500 tonnes to 57,200 tonnes, gut­ted weight.The fig­ure is about 3,000 tonnes higher than fore­cast this time last year.

The har­vest for the fi­nal quar­ter will be 18,000 tonnes, well up on the 2018 Q4 fig­ure of 12,200 tonnes, and feed sales in Q4 2019 were 28,400 tonnes.

Bakkafrost also has an at­trac­tive em­ployee share sav­ings plan, which it says is de­signed to strengthen com­pany cul­ture and en­cour­age loyalty, so af­ter a lock in pe­riod of two years it is award­ing one free share for each share pur­chased.

The cur­rent share prices is hov­er­ing around the NOK 670 mark (about £58).

The full Q4 2019 re­port will be re­leased on Fe­bru­ary 25.

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