The Scottish Salmon Company PLC Q1 2015 Results
A strong start to the year with INCREASING exports for The Scottish Salmon Company
· Quarter harvested volumes of 6,261 tonnes (Q4 2014: 6,004 tonnes)
· Net Q1 operating revenues were £27.3m, compared with Q1 2014 (£27.7m)
· EBIT/kg £0.75 (Q4 2014: £0.68) before fair value adjustments
· Exports account for 45% of revenue (Q4 2014: 42%), with sales to 24 countries
The Scottish Salmon Company had a strong operational start to the year with revenues in Q1 2015 of £27.3m. Its efforts have primarily focused on the growth opportunities in the international markets and the strong demand for quality Scottish salmon produced using the best sustainable practices.
The Company achieved increased harvest volumes for the quarter on this time last year, with 6,261 tonnes, an increase of almost 4 per cent on Q1 2014. It has also exhibited a strong EBIT/kg before fair value biomass adjustment, at £0.75kg and higher than the £0.68kg achieved in Q1 2014.
During Q1 the Company continued to build upon its international success with existing customer partnerships overseas, as well as increasing its reach into new territories through an intensive global trade programme. This has seen the Company increase its export activity now selling to a total of 24 countries, ensuring its strategy to diversify into new markets is achieved. Combined with the existing domestic sales in the UK, The Scottish Salmon Company has continued to deliver solid performance.
The Company will continue its commitment to international growth, attending nine international trade shows this year including Brussels, Boston and Hong Kong. The Company is also driven to maximise Scottish Government's theme for 2015 - Year of Food & Drink - working closely with key partners to ensure Scottish salmon remains a quality, sought after product across the globe.
As part of the Company's ongoing commitment to growth in Scotland and the development of new and existing sites in the Hebrides, preparatory work is currently underway on two new sites to be stocked this Autumn. These sites will adopt the same sustainable operations and processes exhibited across the rest of the business.
Managing Director of The Scottish Salmon Company, Craig Anderson said:
"We delivered a record breaking year in 2014 and with strong results for Q1 2015 we intend to continue to build on this success and ensure sustainable growth is achieved for the business and our shareholders. Maintaining customer partnerships and exports will remain a key priority during the year.
"2015 is already providing some strong opportunities with an added focus on the food sector resulting from Scotland's Year of Food and Drink. We continue to have a strong platform for development with export sales now accounting for 45% of revenue."
"Salmon is the UK's largest food export, reaching £500m for the first time ever in 2014 and, as one of the leading producers of quality Scottish salmon, we are proud of Scotland's position as a premier food producer. Our focus and efforts around Scotland's Year of Food and Drink will continue to reinforce the nutritional benefits of our salmon, as well as our leading sustainable production methods that will support the growing international demand for Scottish salmon."
Further information:
www.scottishsalmon.je
· 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 and European retailers and exports to more than 24 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.