Sales leap but results shrink for Platina Seafood

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André Skarbø and Platina Seafood saw sales pass EUR 160 million last year. But margins fell back.

The Western Norway-based salmon exporter increased sales by more than EUR 41 million from 2017 to 2018. However, this growth has meant that Platina Seafood has had to lower its margin requirements, as the operating margin fell from 4.3 per cent to 2.7 per cent.

EUR 53.3 million man year
“2018 was also characterized by large fluctuations in the salmon price which were similar in 2017, with high prices at the beginning of the year and falling prices towards the end of the year. The company positioned itself well ahead of the price increases at the beginning of the year, based on the raw material fluctuations on prices for 2018, the company is pleased with the result in 2018,” the board’s annual report stated.

“With only three man-years, the board is very pleased with the fact that the company has on average about half a billion (EUR 52 million) in turnover per man-year.”

US
Sole owner Skarbø was paid a dividend of EUR 1.6 million after last year – up from EUR 1.2 million the year before. This is in addition to Skarbø’s salary of close to EUR 180,000, according to the company’s annual report.

Platina Seafood, which has the USA and Canada as its main export markets, had book equity of EUR 8.6 million at year-end.

SalmonBusiness has not yet succeeded in getting a comment from André Skarbø.