Bakkafrost: “We could have performed better than this”

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But “there is a lot that is very good” according to CEO Bakkafrost, Regin Jacobsen.

Bakkafrost presented its quarterly results on Tuesday morning, and figures were well below what most experts and analysts had expected. Bakkafrost’s share price fell by ten per cent in the first half hour after opening at the Oslo Stock Exchange on Tuesday.

“No, we are not happy with the numbers. We could performed better than this. At the same time, there is a lot that is very good. We have lower costs than before and the lowest levels of lice ever,” said Jacobsen.

Among other things, delayed construction at the harvest plant at Vágur, Suðuroy, Faroe Islands, resulted in activity being lower than expected.

Bakkafrost CEO, Regin Jacobsen PHOTO: Andreas Witzøe

“Of course it affects our result. The fish that originally were supposed to be harvested by Sudurov, will be big in January,” said Jacobsen.

The Bakkafrost boss says they considered that moving the fish to other harvest plants but it wasn’t appropriate.

Part of the point of the new harvest plant was to create jobs at Suðuroy explained Jacobsen. “We wanted to increase the activity there and some of the immediate effect we would have lost if we moved the fish,” he said.

If everything goes to plan, the fish will go to harvest in January and will be approaching six to seven kilograms. Jacobsen doesn’t see this as a problem. “We see that the market for large fish will be present early next year.”