The Scottish Salmon Company PLC Q3 2015 Results
The Scottish Salmon Company's Q3 results
reflect 'challenging' conditions
Highlights
The Scottish Salmon Company PLC (SSC) has posted its Q3 2015 results. Revenues were £18m (Q3 2014: £33.6m) on harvested volumes of 5,130 tonnes (Q3 2014: 8,779 HOG tonnes). Although harvest volumes are lower than the same period in 2014, when SSC realised its highest quarterly volumes to date, they are broadly comparable with Q3: 2013 (£18.4m from 4,531 tonnes).
The third quarter is a traditionally challenging time for the salmon industry and for SSC it is typically characterised by lower volumes because in alternate years, such as 2015, harvesting is from smaller, more remote sites. The results for Q3 reflect the effects of the exchange rates and especially strong Pound, as well as continued biological challenges.
Exports represent 48% of revenue compared to 36% in 2014. SSC now exports to 24 countries around the globe, this year it has focused its efforts on new emerging territories including Asia and the Middle East to complement existing contracts in Europe and North America. Its activity across these new territories has contributed 27% of export revenue during the quarter.
Two new sites at Scadabay and Reibinish in the North were stocked with smolt in Q3 2015, adding an additional 4000T to future harvest volumes and creating new jobs in remote areas. These additional sites actively support the long-term aim to increase volumes and achieve balanced year round production. This is further supported by the ongoing development of SSC's new broodstock development facility, which will be fully operational in 2016 in North Uist, to produce Native Hebridean salmon.
Craig Anderson, Managing Director at The Scottish Salmon Company, said, "Despite the challenging conditions experienced this quarter, we remain committed to delivering our long term strategy of sustainable business growth with the focus on the provenance of our premium quality Scottish salmon both in the UK and internationally."