Salmon and trout prices boost record revenue and profit.

Salmon and trout prices boost record revenue and profit.

Norway's Leroy Seafood Group added to a strong first quarter by booking record revenues and operating profit in the six months through June as it benefited from high salmon and trout prices.

First-half revenue rose 20% to NOK9.6bn (US$1.2bn) from a year earlier, while operating profit before value adjustments related to biological assets climbed 55% to NOK2.08bn, the company said today (24 August).

While second-quarter revenue growth slowed to NOK4.2bn from NOK4.3bn in the previous three months, the company expects a better performance in sales and net profit this quarter.

CEO Henning Beltestad said harvested volumes of salmon and trout were lower than the same time last year but are likely to be higher for the full year than in 2016.

"The price of salmon and trout is still at a high level, and with this as the main driver achieves Leroy Seafood Group the highest revenues and the highest operating profit in any half of the group's history,'' said Beltestad.

Profit before tax and fair-value adjustments related to biological assets rose to NOK2.1bn in the first half from NOK1.4bn a year earlier.

Leroy Seafood took full ownership of Havfisk ASA and Norway Seafoods Group, now Leroy Norway Seafoods, in the autumn of 2016 and trade under the company's `Wild Catch' segment.