Revenue down and EBIT flatline for Marel Fish

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Orders received for Marel Fish are at a similar level as prior quarter.

In Q3, overall the Icelandic processing machine manufacturer Marel (meat, poultry and fish) delivered revenues of EUR 287 million, down from Q3 2019’s EUR 312.5 million. EBIT flatlined compared to last year’s EUR 44.3 million, at EUR 44.1 million.

Marel Fish, which predominantly consists of sales of solutions into salmon (but also whitefish), represented 12 per-cent of total revenues. Revenues for Marel Fish in Q3 were EUR 33 million, 9.8 per-cent down from the last quarter’s EUR 36.6 million. Q3 EBIT was EUR 2.5 million, down from EUR 2.9 million.

“Orders received for Marel Fish are at a similar level as the prior quarter. Marel has installed reference plants with its innovation partners like Brim in Iceland, making the value chain more agile, dealing with different consumer channels for bone-free, ready-to-cook products at home, and for high-end restaurant chains,” wrote Marel.

“Market conditions have been challenging due to geopolitical uncertainty and the ongoing COVID-19 pandemic. Marel enjoys a balanced exposure to global economies and local markets through its global reach, innovative product portfolio and diversified business mix. At the moment it is not known what the full economic impact of COVID-19 will have on Marel,” the company added.