- Record revenues of £98.3m, driven by higher harvest volumes and strong prices
- EBIT/kg increased 28% to £2.11 compared with £1.65 during H1 2017
- Export sales reached 59 % , introduced "Lochlander" brand to the North American market
- Awarded "Best Aquaculture Practice" (BAP) certification and won Scotland Food & Drink Excellence Award for Native Hebridean Salmon
- Significant continued capital expenditure on infrastructure development
- Dividend payment of NOK 0.34 per share, first dividend since 2011
- Revised annual tonnage target of 28,000 tonnes from previous 26,500 tonnes
The Scottish Salmon Company PLC has issued its H1 2018 results. Revenue grew 36% year on year providing the Company with record half year results of £98.3m (H1 2017: £72.0m). Harvest volumes were 15,777 tonnes (H1 2017: 11,617 tonnes).
The positive performance in the first half of 2018 has been underpinned by a strong market for Scottish Salmon in general, increased weight of harvested stock and positive results from a continuous focus on operational performance.
EBIT/kg before fair value adjustment for the first six months of 2018 ended at £2.11/Kg, up from £1.65/Kg in the same period in 2017.
Craig Anderson, Chief Executive at The Scottish Salmon Company said:
"We are pleased to report positive results for the first half of the year and remain focussed on growing the business in a responsible and sustainable manner through implementing operational efficiencies and driving market development.
"In addition to securing steady volume growth, strengthened biosecurity and infrastructure development, the health and welfare of our stock remain fundamental to operations and we continue to invest in our health management strategy to ensure a best practice approach."
"We have stated ambitions to increase exports worldwide and strengthening our presence in overseas markets continues to be a core focus. Our export strategy is built on development of long term partnerships, promotion of our provenance led brands and strong customer relations. During the period, our new Lochlander brand, a product tailored for high end food service, was successfully introduced into the USA."
Material
Please find the report and presentation for first half 2018 enclosed.
Presentation, webcast and telephone conference
The Scottish Salmon Company will present its first half 2018 results today at 08:00 (CET) at Hotel Continental, Stortingsgata 24/26, in Oslo, Norway.
The presentation will also be available by webcast at: https://edge.media-server.com/m6/p/48893f3o
Telephone Conference: Please dial in 5-10 minutes prior to the start time using the confirmation code: 4572026
Dial in details: Norway:................................ +47 2100 2610 Norway (Toll free):.............. 800 51084 United Kingdom:................. +44 (0)330 336 9125 United Kingdom (Toll free): 0800 358 6377
Further information from: Su Cox, Investor Relations e-mail: su.cox@scottishsalmon.je
About The Scottish Salmon Company:
The Scottish Salmon Company is the leading producer of premium salmon with operations only in Scotland. The Company is engaged in all stages of the value chain from smolt production through freshwater and marine farming to harvesting and processing, as well as sales and marketing activity. It is dedicated to producing the highest quality Scottish salmon.
All of The Scottish Salmon Company's farms and processing facilities are audited and approved by the internationally acclaimed BAP accreditation scheme, which includes excellence in fish husbandry and animal welfare.
Over 500 people are employed by the Company, approximately 230 of whom are in the Hebrides, with its head office in Edinburgh. The Scottish Salmon Company supports the development of health and wellbeing in the local communities in which staff work and live.
The Scottish Salmon Company Limited is a subsidiary of The Scottish Salmon Company PLC, which is listed on the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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