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April 30, 2019

The Scottish Salmon Co launches strategic review as CFO Fiona Larkin departs

The Scottish Salmon Company (SSC) is to undergo a strategic review of options open to the Edinburgh-based processor.

By Dean Best

The Scottish Salmon Company (SSC) is to undergo a strategic review of options open to the Edinburgh-based processor.

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SSC made the announcement in conjunction with its first-quarter results and also said in a separate release that its chief financial officer Fiona Larkin will depart at the start of October to take on a management role at an unnamed company outside of the seafood industry.

Daiwa Corporate Advisory has been hired as financial adviser to “review various strategic options” as a means to boost shareholder value, according to the supplier of Hebridean Origin Scottish salmon. Options could include a return of capital to shareholders, tapping capital markets in support of its non-organic growth and taking on a strategic partner to break further into Asia and other markets.  

Chief executive Craig Anderson commented in the earnings statement: “We continue with our investment plan to optimise productivity and efficiency throughout our value chain and site development to support our ongoing growth. In light of this, we are undertaking a review of strategic options as it is deemed to be in the best interests of all our shareholders. 

“In our view, SSC’s share price does not accurately reflect the intrinsic and long-term value of the company due to its low free-float and lack of adequate share trading liquidity. With DC Advisory’s assistance we are confident we will be able to address these issues going forward. We remain firmly focused on our strategic priorities, ensuring the responsible growth of the Company as we bring the finest quality Scottish salmon to worldwide markets.”

He added with respect to Larkin’s exit: “It has been a pleasure working with Fiona and we will continue to build on the company’s strong financial performance. Fiona has assembled a strong team in the financial department which will ensure a smooth transition to a new CFO upon her departure.”

In 2017, SSC said it had entered new Asian markets in Cambodia and Laos, and at the same time announced it had taken full control of the salmon hatchery and freshwater business of Argyll-based Sunbeam Aquaculture, along with the license to operate the facility to produce smolt, or juvenile fish. 

SSC, which is a subsidiary of The Scottish Salmon Company  listed on the Oslo Stock Exchange, saw exports as a proportion of total sales rise to 65% in the first quarter. Revenues increased 23% to GBP53.4m (US$69.4m), while EBITDA climbed 33% to GBP20.2m.   

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Unilever product advertising is mainly through mainstream TV channels. Out of the products advertised so far at least 50% (over 850) of ads have been run on TV, while print media comes second with 496 ads. Unilever also utilizes social media platforms for advertisement. Unilever products are categorized by innovation ratings and tags in our product launch database. The North American region consists of almost 74 products with innovations related to the formulation of the product. Europe and other regions also have more products categorized under formulation-related innovation, followed by the packaging and positioning of the products. Most Unilever products are tagged with “High Vitamins”, “Recyclable”, and “Natural” tags to understand what the product differentiator is from other products available in the market. The majority of products belong to the personal care industry with a total of 5,788 products to date. This report, through the Unilever Example, illustrates how GlobalData Explorer enables you to:  
  • Track product launches by FMCG companies to get an understanding of the product-level strategies including geographic concentrations, innovation types, product claim, category focus and more
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