UK salmon processor The Scottish Salmon Company has booked an increase in third-quarter pre-tax profits, despite “seasonal softening of market conditions”.
For the three month period, EBIT amounted to GBP8.8m (US$3.8m) compared to GBP3.78m in the prior-year period.
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EBITDA edged up to GBP6.1m from GBP5.3m last year, the processor reported yesterday (25 November).
Revenue for the quarter increased slightly to GBP20.6m from GBP20.5m in the year-ago period, which it achieved on sales volume of 5,468 tonnes.
“Although the market has remained relatively strong overall, the seasonal softening of the market in this quarter has resulted in a reduction of around 13p per kg from the average ex factory sales price in Q2 2010,” the company said in a statement. “The underlying reduction in price has been mitigated to some extent by a 5% increase in contracted sales volumes and an increase in the superior percentage of harvested fish.”
In the first nine months of the year, the company made a pre-tax profit of GBP21.7m compared to GBP5.63m against the same period of the previous year, while revenue climbed to GBP63.2m from GBP40.5m last year. EBITDA amounted to 20.4m from GBP8.6m.
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By GlobalDataThe firm bought West Minch Salmon, a company based in the Outer Hebrides, for an undisclosed sum in July. It also re-open a plant on the island of Stornoway in the same month.
Looking forward, the company said the outlook is “positive and a solid performance is anticipated”.
Click here to view the full earnings release.
