Loch Duart posts increase in turnover and operating profit

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Under new ownership, an independent Scottish salmon farming company produced its highest ever tonnage. New vice president for US sales appointed.

In a statement on Companies House, Loch Duart posted GBP 40 million in turnover for the year ended 31st March 2020, an increase compared to 2019’s GBP 34.6 million.

Operating profit was GBP 1.9 million, compared to GBP 1.2 million the year before.

An alignment of the company’s farming strategy meant that it was able to produce the highest ever tonnage for the company. The salmon farmer is under new ownership as it was acquired by the US investment firm SAF II Master Fund LP last June.

Loch Duart said that efforts to explore the potential for reopening Canadian operations continue. It retains the licences but such possibility is not yet “predictable in times or scale”.

James Scoon. PHOTO: Loch Duart

Looking ahead, the salmon farmer which has sites in Sutherland and the Outer Hebrides, said that it expects a COVID impact as it exports a significant percentage of its production overseas.

“The company has historically enjoyed good prices and been keen to the more extreme market movements but remains exposed to some potential price volatility around issues of supply in the wider market and changing consumer behaviour under COVID-19 restrictions,” wrote Loch Duart MD Mark Warrington.

On Linkedin, Loch Duart wrote that it had appointed James Scoon as vice president for US Sales. Based in Boston, Scoon will lead the company’s newly opened US sales operations.