The Scottish Salmon Company PLC Q4 2014 Results
Strong q4 completes scottish salmon company's record year
Continued strong Q4 performance contributed to a record year for The Scottish Salmon Company (SSC).
SSC has reported Q4 2014 revenues of £30.8m, a rise of 43% on the same period in 2013, and a continuation of the company's growth and success in the past year. The full-year total of £125.9m is a 53% increase on 2013. Increased export sales and improved efficiency have contributed to the strong results.
The Company achieved the highest harvest volumes for the quarter since the Group's inception, with 7,373 tonnes, an increase of almost 40% on Q4 2013. SSC harvested 30,183 tonnes in total during 2014 with sustained warm water temperatures enhancing growth. Despite losing harvesting days in December due to storms, the Group achieved its record quarterly volumes for the quarter.
There was a significant improvement during Q4 with EBIT/kg before fair value adjustments rising to £0.25/kg from £0.03 the previous quarter and also an improvement from Q4 2013 when it was -£0.19/kg.
Export sales for the year rose to 42% in 2014 from 37% in 2013, with SSC now exporting to 23 countries. Central to this growth has been the Company's focus on producing the finest Scottish salmon, a fact reinforced by the award of the Label Rouge quality accreditation for top quality, nutritious, fresh Scottish salmon.
Managing Director Craig Anderson said:
"A great deal of hard work and commitment has been required to achieve our record results for 2014. Over the past year we have undertaken major developments in our business to ensure we have adopted a market-led focus and sought to grow our export business. Export sales now account for 42% of our revenue and we now sell to customers in 23 countries, up from 17 only a year ago".
"Salmon is Scotland's largest food export to which we are a significant contributor. Scotland is quite rightly using 2015 to showcase its produce to the world with the Year of Food and Drink, and we're proud to be part of this and will showcase our salmon to the eyes of the world. This pride in our salmon and its provenance, and our strong belief that it is Scotland's finest are at the heart of everything we do."
Further information:
Notes
· The Scottish Salmon Company Limited (SSC) is based and operated in Scotland making it the largest salmon farming company with a 100 per cent focus on Scotland.
· SSC produces around 30,000 tonnes annually, about 20% of total Scottish salmon. It supplies leading UK retailers and exports to over 20 countries worldwide.
· SSC operates 60 sites including marine farms, freshwater hatcheries, harvesting and processing facilities and offices, in two distinct areas of operation in the Highlands and Islands, the Western Isles, and in Argyll & Bute.
· The Scottish Salmon Company employs over 450 staff across a wide range of disciplines located in remote rural areas of the West Coast of Scotland.
· Registered in Scotland, The Scottish Salmon Company Limited is a subsidiary company of The Scottish Salmon Company PLC, which is listed on the Oslo Bors stock exchange.