The Scottish Salmon Co. reported a “highly successful” first quarter as new supply contracts and improved margins boosted operating profit.

The company said “growing” exports and a new deal to supply a “top London food outlet” resulted in higher sales in the period.

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Sales increased to GBP27.7m (US$46.8m), a near-50% increase on the year. The proportion of sales generated through exports increased to 48%, compared to 35% in the comparable period of last year.

EBITDA before adjustments for the fair value of biological assets rose 67.2%, with margins rising to 15% from 10% in the first quarter of 2013.

Net income was boosted by a jump in the valuation of the company’s salmon stock. Net income increased 668% in the period.

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