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Cooke Scotland profit steady despite smaller harvest

A Cooke farm on Orkney. The company saw a small rise in post-tax profit last year despite lower volumes.
A Cooke farm on Orkney. The company saw a small rise in post-tax profit last year despite lower volumes.

Cooke Aquaculture Scotland increased post-tax profit slightly from £38.9 million in 2017 to £39.4m last year, its annual report shows.

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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.

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