Oslo-listed, The Scottish Salmon Co., has registered record revenues and earnings for the first quarter of 2018 on higher harvest volumes and lower costs.
Company EBIT before fair-value adjustments was up 38 percent to GBP 13.1 million, as more fish were harvested and production costs dropped from GBP 4.51 to GBP 4.24 per kilogram of produced fish.
“Harvest volumes during the first three months of 2018 increased for the fifth consecutive quarter”,” said CEO Craig Anderson in a note to shareholders.
The company focused especially hard on sales and was able to collect for the effort, earning an average price of GBP 6.07, or nearly 65 pence higher than the Norwegian reference price (FOB Oslo) in the first-quarter of 2018.
“Growing exports and strengthening our presence in overseas markets continues to be a key priority. This strategy is based on development of long term partnerships, promotion of our brands and strong customer relations. During the quarter, our new Lochlander brand was introduced into the USA and was well received,” Anderson said.
“Operational efficiency is key, we continue to work to improve performance and efficiency throughout the value-chain,” he said.
With that, Scottish Salmon will pay a dividend of NOK 0.34 per share, its first dividend since 2011.