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Scottish Salmon On Course To Meet Targets

SCOTLAND, UK - The Scottish Salmon Company is on course to meet its year end targets as the third quarter results show net operating revenue for the quarter of 17.8m which brought year-to-date turnover to 74,923 million.

The increase in global supply resulted in a downward shift in sales spot prices which was moderated throughout the quarter through contractual arrangements. Unit costs were affected by lower harvest volumes due to a cyclical production imbalance and the harvesting from recently acquired smaller remote sites.

As expected, sales volumes of 4,686 tonnes represented a reduction on the same quarter last year (Q3, 2010, 5,468 tonnes) due to an imbalance in production cycles. This is currently being rectified with £40m funding in place to develop new and existing sites.

Outlook for the year remains 23,000 tonnes with 5,000 tonnes planned for harvesting during Q4 2011.

Profits were impacted by the dramatic drop in traded sales prices globally (EBITDA before fair value adjustment of Biomass Q3 2011, £0.7m; Q3, 2010, £4.8m), however, The Scottish Salmon Company maintains a strong contract position with over 70 per cent of the volume contracted with long-term partners.

With an exceptional biological track record, the Company's directors report that these relationships are underpinned by the continued high quality and nutritional value of the Company's salmon.

Bill Hazeldean, CEO at The Scottish Salmon Company said: "The key focus for the Company is to grow and develop production volumes to ensure consistent supply, year on year, through all stages of the farming cycle. By doing this the Company can meet the requirements of its customer base and ensure long term sustainability."

"Going forward demand for Scottish salmon is anticipated to remain strong with a well-established strong domestic market and developing export market."

"Our operations are running to plan and with funding in place for continued development we are confident of meeting our strategic objectives."

Lucy Towers

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