Q4 results completes record year for Scottish Salmon Company
The Scottish Salmon Company has announced strong Q4 results to complete a record year as the Company continues to capitalise on a favourable market for premium Scottish salmon, reports www.megafishnet.com with reference to Scottish Salmon Company.
The company reported profits before interest and tax of £5.6m for Q4 2010 (Q4 2009: £5.1m) and £22.5m for the year compared to £11.1m for 2009 (figures before fair value adjustment for biomass).
Turnover for the Q4 period increased to £29.2m (2009: £22.9m), pushing revenues for the year to £92.4m (2009: £64.6m) with harvest volumes exceeding previous estimates at 24,516 tonnes.
The market has remained strong throughout the year and the Company said that continuous investment to produce a high quality salmon product in response to customer demand underpinned its solid performance.
The Scottish Salmon Company, a principal player in the Scottish aquaculture industry responsible for approximately 20% of salmon production, is seeking to build a distinct brand and secure long-term market relationships which will continue to maximise premium price opportunities for Scottish salmon.
During the last quarter of 2010, The Scottish Salmon Company strengthened its Board and Executive team with the expertise to take the company through its next stage of growth and development.
Bill Hazeldean, Chief Executive of The Scottish Salmon Company said:
"2010 was a transformational year. While we have been able to capitalise on a strong market to report record results, the company has continued to invest in its operations as we focus on long term sustainability and success.
"The increased volume of quality Scottish salmon underpins the development of the Company strategy by focusing on strong partnership arrangements with key customers, identifying niche export market opportunities, developing the product range and regional brand identity. To that end, one of the key objectives of the Company is to ensure an even volume of harvested stocks year on year and throughout the year.
"The overall outlook is positive and solid performance is anticipated going forward."