Scottish Salmon Company deliver solid Q3 despite lower average harvest weight

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The Scottish Salmon Company reported an increase in earnings.

The company reported a Q3 EBIT of GPB 6.7 million, increased from last year’s same period, from GPB 4.7 million.

The was achieved despite a decrease in revenue per kilo (impacted by lower average harvest weight during the period) to £5.55/kg (Q3 2017: £5.76 /kg). Though annual tonnage target for 2018 was revised to 29,500 tonnes from 28,000 tonnes.

Export volumes accounted for 51% of total sales during the period, up from 47% in Q3 2017. However exports to markets outside Europe were lower in the third quarter than earlier in 2018 due to smaller harvest sizes.

Craig Anderson, Chief Executive Officer at The Scottish Salmon Company, said:

“Historically, the third quarter has been the most challenging for The Scottish Salmon Company. However, whilst the third quarter this year has not been without issues, on balance it was a solid quarter. Overall biological performance has been good and we are increasing our harvest volume guidance for the full year to 29,500 tonnes.”

“The demand for Scottish salmon remains strong. Based on our Scottish provenance we continue to develop and promote our brands and products and build long term relationships with customers. An effective operational platform is fundamental to our strategy, securing consistent sustainable production of high quality salmon with efficient flow throughout the value chain.”

“We are pleased to further strengthen our operations with the addition of a freshwater facility in the North reflecting our focus on responsible business growth, improving operations, streamlining activities and increasing capacity.”

Looking ahead, SSC said that it wanted to continue developping its operational platform. It also revealed that it had acquired a hatchery and fresh-water site in the North of Scotland during November 2018 which will increase smolt production capacity by around 1.5 million, further developing its freshwater infrastructure.