EBIT and revenue down for fish segment, but processing machine manufacturer expects to pick-up after healthy order book.
In Q2, overall the Icelandic processing machine manufacturer Marel (meat, poultry and fish) posted a revenue of EUR 327.5 million, up from EUR 305.7 million, the same period the year before.
EBIT was EUR 38.6 million, compared to EUR 45 million in Q2 2020.
For its salmon and whitefish processing operations at Marel Fish, it posted a Q2 2021 revenue of EUR 38 million, down from EUR 41 million the year before.
EBIT was EUR 2.4 million, down compared to EUR 3.9 million in the same period in 2020.
In July, Marel signed an agreement to acquire Valka. A salmon primary processing offering was also solidified through the strategic partnership with Stranda, with a 40 per-cent investment.
Marel added that it needed higher volume needed to deliver sufficient margin improvement and that it is continuing to target medium and long-term EBIT margin expansion.
CEO Marel Árni Oddur Thórdarson said that Marel Fish delivered record orders “where salmon was clearly on the menu”.
“Revenues and gross margins are expected to pick-up on the back of a healthy order book and good product mix. The pipeline continues to build up in all industries,” he added.