Revenue and EBIT both up for Marel Fish in Q2

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Marel Fish counts for 13 per cent of total revenues.

Marel Fish, the seafood arm of the Icelandic meat processing machine manufacturers, has posted its latest Q2 results.

Overall (meat, poultry and fish) the company posted that revenues were down. Q2 revenue in 2020 dropped to EUR 305.7 million from EUR 326.5 million compared to the same period last year. EBIT was down to EUR 45 million compared to Q2 2019’s EUR 49.6 million.

Marel Fish, which predominantly consists of sales of solutions into salmon (but also wild whitefish and farmed whitefish), represented 13 per cent of total revenues and had a 9.5 per cent EBIT margin in this quarter. For the same period last year, it was 2.3 per cent.

Revenue for Marel Fish for this year’s quarter was EUR 41 million, 16.5 per cent up from EUR 35.2 million last year, supported by higher volume. EBIT was EUR 3.9 million, up from EUR 0.8 million.

“Fish processors have responded to the increased sales of ready-to-cook products, as sales have shifted from food service to retail and online. This results in a need to update and advance customers factories to increase bone-free and consumer-ready products,” wrote Marel Fish.

“Management continues to target medium and long-term EBIT margin expansion for Marel Fish, although there can be fluctuations between quarters,” it added.