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Scottish Salmon Company Reports Record Q2 Results

Salmonids Economics +2 more

SCOTLAND, UK - The Scottish Salmon Company has reported a record second quarter and half-year results as plans to increase production signal strong future performance.

Net operating revenue for Q2 totalled £31.7m (£19.0) achieved on sales of 7582 tonnes (4916 tonnes) of harvested salmon.

Profits were £8.5m for the quarter (£5.5m). Revenues for the half year amounted to £57.1m (£43.0m) with profits hitting £15.1m (£12.1m).

Continuing good biological performance into Q2 was a key factor, while the company’s strategy for contracting with trusted partners for the high volumes of product has protected it from the current softening of market price.

Q2 saw the completion of the transfer of all West Minch Salmon (WMS) interests to The Scottish Salmon Company, following the smooth integration of site operations.

Increasing volumes to meet the demand for high-quality salmon continues to be an important focus for the company, which is committed to building a sustainable business within Scotland’s rural communities.

Due to stock cycles and while investment plans are implemented, harvest volumes are expected to be in the region of 23,000 tonnes for 2011 and 2012 with volumes rising through 2013, 2014 and 2015.

The Scottish Salmon Company is a principal player in the Scottish aquaculture industry, responsible for approximately 20 per cent of Scottish salmon production.

In June, it was awarded Best Aquaculture Company in Scotland by The Crown Estate, recognising the company’s sustainable practice, business performance, investment, staff management practices and local community involvement.

Bill Hazeldean, chief executive of The Scottish Salmon Company, said: "The successes of Q2 are an endorsement of the hard work and dedication of the staff at The Scottish Salmon Company."

"We are committed to building a sustainable business in Scotland that delivers value to all stakeholders and to that end we have been highly diligent in every aspect of our operations, from investing in sites through to working with local and supply chain partners."

"This is reaping results now and will underpin our future growth."