However, PRFoods acquisition of historic UK salmon smokers John Ross and Coln Valley helped revenues grow.
Last quarter’s EBIT fell to EUR -0,13 million.
Revenue increased by 11.6 million euros by 69.5% in 2nd quarter of 2018.
After the acquisition of JRJ of Scotland, a Royal Warrant Holder of the British Royal Family, last November — the Nasdaq-listed PRFoods now continues to wields even more quality salmon producers and processors in the UK market with John Ross JR and Coln Valley.
“We acquired two companies, in Finland and in Great Britain, and as a result our revenues grew more than two times,” the company reported.
The company said that it had taken into account the high volatility of fresh fish prices. “Although we are content with the results and they meet management’s expectations, we have to take into account the significant fluctuations in raw material prices. In the opinion of the management, the price of salmonoids remains at the same level in near- and mid-term perspective, as demand outstrips supply. As a result of this, we have undertaken a plan to increase substantially our fish farming capacity and the target is to increase the capacity by 2-3 times from today’s capacity.”
The company hope to expand the product range of its acquisitions and increase global sales.