Pharmaq posts 50 percent growth in profits

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Fish health company increased sales by 28 per cent in 2018 – approaching EUR 103 million in turnover.

With a pre-tax profit of EUR 38 million, the company, which has its head office and factory in Trøndelag, Central Norway, posted a 50 per cent increase profits in 2018.

“The revenue growth comes as a result of higher volumes for basic vaccines in all salmonids, an increase in the demand for PD vaccine in Norway and the UK, and an increase in demand for the SRS vaccine in Chile,” wrote the board in its annual report, which SalmonBusiness has access to.

The entire profit from last year is transferred to the company’s equity, which at the end of the year amounted to EUR 54 million. More than double as much as at the end of 2017.

Market
The company wrote in its annual accounts that it has acquired a stronger position in the market during the year.

“The PD vaccine and the SRS vaccine are significant contributors to the company’s overall performance and demonstrate Pharmaq’s ability to meet market demand for complex vaccine solutions,” the board said.

“The company aims to maintain and strengthen its leading position in fish health for the global aquaculture industry,” it continued.

Lice
Pharmaq added that lice continued to be the main challenge for the aquaculture industry and that the need for new lice solutions is a focus area for the company.

The fish health company concluded that it has been focused on expanding the company’s activity towards new species.

SalmonBusiness has not yet succeeded in getting a comment from CEO Morten Nordstad.