THE SCOTTISH Salmon Company has seen operating profit fall by a third because of a drop in earnings per kilo, from 75 pence a kilo in Q1 of 2015 to 30p this year.
The hit on profits at the Norwegian listed company comes in spite of first quarter revenue growing 6.6 per cent to £29.1m, on harvested volumes of 6,741 tonnes – up from 6,261 tonnes in Q1 of 2015.
Market conditions were said to be encouraging throughout the quarter with industry prices continuing to rise in response to growing consumer demand and lower output from Chile. Exchange rates have also been more positive with the Norwegian Krone strengthening, allowing the company to secure better prices in the traded market in sterling.
Craig Anderson, managing director at The Scottish Salmon Company, said: “While 2015 was not without its challenges, we secured our second highest volumes and turnover. We have continued this positive performance into 2016, demonstrating year on year growth and clear progress with our export strategy through marketing and innovation.”
Mr Anderson added that with strong prices forecast for the rest of the year and growing consumer demand, the company was well-placed to meet our growth targets.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here