The Scottish Salmon Co. pointed to stronger global demand for fish products as it issued an upbeat outlook on pricing for 2014 this morning (28 February).
The fish group said it has now secured contacts for 60% of its estimated 2014 harvest at higher prices than 2013, with “strong” demand growth and limited supply pushing up the value of salmon. In the coming year, the company will focus its efforts on increasing capacity and leveraging its premium credentials to drive growth, the board said.
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The Scottish Salmon Co. booked a 41% jump in EBITDA during fiscal 2013, with operating profit rising to GBP10.8m (US$18m) from GBP7.6m in 2012. EBITDA margins rose to 13%, compared to just 5% of sales in 2012, as the company pushed higher prices through.
Net profit increased 197% to GBP2.96m from a loss of GBP2.9m. During the year the company lapped one-time charges and changes in inventory and biomas at cost that dented the bottom line in 2012.
Sales were up 3.7% in the 12 months, climbing to GBP82.4m from GBP79.5m in 2012.
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