The Scottish Salmon Company Q4 2010 Results
Q4 RESULTS COMPLETES RECORD YEAR FOR THE SCOTTISH SALMON COMPANY
HIGHLIGHTS
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.
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."
Further Information:
Su Cox su.cox@scottishsalmon.com
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 is July 2010. It is listed on the Oslo Axess stock exchange.