Cooke Scotland profit steady despite smaller harvest
Cooke Aquaculture Scotland increased post-tax profit slightly from £38.9 million in 2017 to £39.4m last year, its annual report shows.
The Canadian-owned salmon farmer managed the increase despite a £10m fall in turnover to £151.7m, which was largely offset by increased efficiencies. Cost of sales dropped from £101.6m to £92.3m.
Last year Cooke Scotland managing director Colin Blair told Fish Farming Expert that he expected the volume produced in 2018 to be 8% lower than in 2017 as a result of lower opening biomass, and that is reflected in the sales figures.
£8.8m tax bill
Sales to the UK last year totalled £52.4m (2017: £54.6m), while income from the rest of Europe was £73m (£76.9m) and the rest of the world £26.2m (£30.2m).
Cooke paid £8.32m in wages in 2018, slightly less than the £8.4m paid in 2017, but £25,000 more in pension costs.
The number of employees remained the same at 279.
The company paid £8.8m (£8.67m) in corporation tax.