Lower salmon prices stopped sales growth for the first time in seven years for Seaborn

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In 2018, Bergen-based exporter Seaborn posted a marginal decline in revenue, after seven years of revenue growth.

Seaborn continued to prosper in 2017 and passed EUR 412 million in revenue. 2018 ended with a marginal decline in revenue of 0.6 percent.

Seaborn writes in its annual report, which SalmonBusiness has gathered, that sales have been reduced as a result of lower sales prices in 2018.

On the positive side for the company, there was still an increase in operating profit of EUR 4.4 million in 2018 and a profit before tax of EUR 3.8 million, compared with EUR 4.2 million and EUR 3.7 million, respectively, in 2017.

“The forecasts for the company’s first quarter 2019 earnings show a profit. It is the Board of Directors’ opinion that the business will make a profit in 2019,” the company wrote in its annual accounts.

For the financial year 2018, the Board of Directors has decided to pay out a dividend of EUR 1.6 million.

SalmonBusiness has not succeeded in getting a comment from Seaborn.