BioMar experiences decline in salmon market

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The feed company, however, reported an EBITDA of DKK 254 million (EUR 34 million) and a strong first half to 2018.

In a press release the company said that competition was gaining momentum in Norway, while the other markets were delivering as expected.

“The competition is merely accelerating our speed of development. We have already taken initiatives to increase our volumes and to achieve sustainable profitability. There is no doubt that we will continue to take lead, collaborating with our customers and the industry in general, driving innovation, sustainability and efficiency. I am confident that we have the means to get our growth in the salmon markets back on track”, said BioMar CEO Carlos Diaz.

“I am confident that we have the means to get our growth in the salmon markets back on track”, added Diaz.

EBITDA ended 254 million DKK (EUR 34 million) up from DKK 243 million (EUR 32.5 million) last year. Revenue increased from DKK 4.27 billion (EUR 549.7 million) to DKK 4.4 billion (EUR 590 million).

BioMar produced 512,000 tonnes in the first half of 2018, up eight percent from 472,000 tonnes in the same period last year.

Looking ahead BioMar said that it expected to reach revenue of DKK 10 billion (EUR 1.3 billion) in 2018. The company is preparing for growth constructing factories in Australia and China as well as installing new lines in Denmark and Ecuador.