The Scottish Salmon Company delivers Strong Q1 Results

May 31, 2011 12:31
  • Salmon Market remains strong
  • Record EBITDA for the quarter and EBIT before fair value adjustment of biomass£6.6m
  • The Board propose a final dividend of NOK 0.16 per share for 2010 , to be considered at the AGM to be held in June.  This will result in a total dividend of NOK 0.35 per share for 2010
  • Positive cash contribution from processing investment with filleting already at 50% of capacity
  • High percentage of volume sold through contracts, to secure long term partnership with targeted partner customers
  • Listed on Main Oslo Bors 29 April 2011

The Scottish Salmon Company Ltd, the leading Scottish-based salmon farming business, has reported a strong start to 2011, brought about by good biological performance and continuing positive market conditions, reports with reference to SSC.

Net operating revenue exceeded expectations for Q1 totalling £25.4m (£24.1m) achieved on sales of 5,954 tonnes (6,407 tonnes) of harvested salmon. Profits were £6.6m for the quarter, similar to the same quarter in 2010 but on lower volume.

Good biological performance in Q1 means that The Scottish Salmon Company is anticipating that it will now exceed predicted harvest volumes for 2011. It is estimated that, taking into consideration the current farming cycles, Q1 performance and prospects for Q2, that the harvest volumes for 2011 will be between 3- 5% above the 22,000 tonnes target.

With long-term contracts with key partners in place going forward, the company is now building its market position from a secure and prestigious customer base, both domestically and overseas.

The successful Q1 follows a record year for The Scottish Salmon Company in 2010 that saw turnover reach £92.4m.

The Scottish Salmon Company is a principal player in the Scottish aquaculture industry responsible for approximately 20% of Scottish salmon production. It's recently opened Marybank processing plant in Stornoway, Isle of Lewis is one of only a few facilities to produce high quality pre-rigour pin-bone-out fillets. Operational since late 2010 filleting is now running at more than 50% of capacity.

Scottish-based and operated, the company is committed to building a sustainable business within Scotland's rural communities.

Bill Hazeldean, Chief Executive of The Scottish Salmon Company said:

"The market has remained strong in early 2011, our new generation of stock currently being harvested has performed exceptionally well, with customer feedback extremely positive on both the yield and quality parameters. We have secured new long terms contracts and we are opening up export markets. This gives us a springboard for the rest of the year."

The Scottish Salmon Company
is Scotland's leading producer of Scottish salmon, providing superior quality Scottish salmon to local and international markets. It currently produces more than 20,000 tonnes per year, over 20% of the total Scottish salmon production.

The company is engaged in all stages of the value chain of farming Scottish salmon, from smolt production to harvesting, processing and sales, in Scotland. It owns over 40 sites on the Hebrides and West Coast of Scotland along with two processing plants.

The head office is located in Edinburgh and the company currently employs over 350 people, many of whom live in remote rural communities.

As a principal player in the Scottish aquaculture industry, The Scottish Salmon Company is committed to high standards of animal welfare, sustainable operations and promoting a responsible environmental policy.

The company is committed to the communities in which it operates and keeping value in Scotland.

Formerly Lighthouse Caledonia, the Company launched as The Scottish Salmon Company in July 2010. It is listed on the Oslo Bors stock exchange.

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