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Strong Growth For Cermaq


NORWAY - Cermaq has announced improved results for all parts of the operation, driven by strong market prices on salmon in all markets, good biological performance in farming and considerable increase in volumes in the feed business.

Reporting an EBIT pre fair value of NOK 215 million for Q2 2010, CEO Geir Isaksen said: "I am pleased with the results for both Mainstream and EWOS. The strong salmon market gives especially strong profitability for Mainstream."

EWOS delivered an increase in volume of 12 per cent from second quarter 2009, driven by growth in Norway and Chile. Continuations of existing contracts and new customer relations have strengthened EWOS’ market position in 2010.

"The strong volume growth in EWOS has a significant impact on our results. EWOS’ product range provides strong biological performance and good fish health for the farmers, and this is the basis for further growth in EWOS," emphasises Mr Isaksen.

Mainstream delivered an EBIT pre fair value of NOK 174 million in the quarter compared to NOK 32 million in the same quarter last year. The sales volumes were 16,600 tonnes which was a decrease from second quarter last year. The decrease is entirely explained by last year’s significant sales of frozen salmon from Chile.

The company said that salmon prices are expected to remain strong in 2010 and into 2011. Expected sales volume for salmon, trout and coho for second half of 2010 are relatively unchanged from the previously communicated estimates. Sales volumes are expected to increase by nine per cent in 2011 from 2010 driven by Chile. EWOS enters the peak season in second half year, and increased volumes are expected foremost in Norway and in Chile with further growth in 2011.