LIGHTHOUSE CALEDONIA ASA Q1 2010 Results
- Solid results for the quarter with revenue of £24.1m and EBIT of £6.6m
- Significant improvement in EBITDA margin to 32% in Q1 2010 from 24% in Q4 2009
- EBIT at £1.02/kg
- The gearing ratio (NIBD:EBITDA) is 0.9
- Continued progress with corporate structure plans to ensure appropriate platform for future growth
- Continued focus on cost reduction across the business
Lighthouse Caledonia, Scotland's largest independent salmon farming business, has announced record results for the first quarter of 2010, following improved levels of production and strong market conditions, reports www.megafishnet.com with reference to Lighthouse Caledonia ASA.
The company saw turnover rise to £24m for the quarter, compared to £6.2m for the same quarter in 2009, as harvested volumes more than tripled to 6,468 tonnes against the previous year. Profits were £6.6m against a £13,500 loss in Q1 last year.
The company also improved its cash position and also make significant repayments against long-term loans.
This successful first quarter performance follows the announcement that for the year ending 31 December 2009, and following a significant corporate restructuring, the company achieved a turnover of £63.5m.
With the market for salmon remaining strong, the quality of product is paramount and policies put in place by Lighthouse Caledonia for strict fallowing, stocking regimes and bio-security are delivering significant and continuous improvements.
Lighthouse Caledonia is now on course to meet forecasted volumes of for the year and along with its continued commitment to biological control, the company has a clear focus to reduce costs and maximise processing efficiencies during 2010 to maintain its profitability.
Lighthouse Caledonia, a principal player in the Scottish aquaculture industry producing approximately 20% of Scottish salmon, is currently refurbishing its Marybank processing plant in Stornoway, Isle of Lewis. Scheduled to open later this year, the facility will initially create around 70 full time jobs and have the capacity to produce high quality, pre-rigor pin bone out fillets.
The company has a strong focus on supporting the rural economies in which it operates and in March won the agreement of its shareholders to begin the process of changing the company name to The Scottish Salmon Company.
Mike Corbett, recently joined as CEO of Lighthouse Caledonia commented:
'This has been another successful quarter and we are delighted with the company's progress. Fundamental to this has been our commitment to the communities in which we operate, encouraging year round employment and professional farming methods, processing and product development.'
'The performance also reflects the strong market for Scottish salmon with favourable market conditions and strong prices which are anticipated to continue throughout 2010. Key to the company's success is the development of the brand strategy and securing long term market relationships which maximise premium price opportunities for Scottish salmon.'