Scottish Salmon Company salmon farming centre. (Photo Credit: SSC)
UNITED KINGDOM
Monday, September 01, 2014, 00:50 (GMT + 9)
Scottish Salmon Company PLC (SSC) has achieved a solid first half to 2014 as a result of good biological growth, strong market prices for most of the period, and the continuation of improved cost reduction and control.
In the second quarter of the year the firm obtained significant increases in both turnover and EBIT before fair value adjustment compared with the same period last year.
The firm informed revenues for the analysed quarter were GBP 33.8 million (EUR 42.4 million) in comparison to the same period last year when the Group had obtained GBP 23.7 million (EUR 29.7 million). Besides, the EBIT before fair value biomass adjustment was GBP 4.9 million (EUR 6.1 million) versus GBP 3.8 million (EUR 4.7 million) in Q2 2013, on harvested volumes of 8,027 tonnes (Q2 2013: 5,976 tonnes).
“These results were achieved from a strong biological performance, warm water temperatures encouraged growth and increased harvest volumes, coupled with an effective market-led strategy and good export sales,” SSC pointed out in its financial report.
The higher logistical costs of the locations currently being harvested caused an increase in the cost per kg in the period in comparison to the same period in the prior year. However, average costs have continued to reduce as a result of careful cost management and reflected lower feed prices, good fish husbandry and vigilant health control plans.
The Group received permission for expansion and additional consent for three sites all of which will be stocked this autumn: Gravir on the Isle of Lewis; Portree in Skye; and Geasgill in Mull.
The firm announced the introduction of Hebridean Salmon, the first region-specific product, and is progressing with the development of the hatchery for the Hebridean brood stock programme.
“Further plans are being developed for capital investment in new Hebridean sites, strengthening our position as producer of niche premium products and our support of our local communities,” SSC added in the report.
According to the Group, these developments support their goal of being a leading producer of premium salmon for the growing domestic and export markets.