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Higher revenue for Scottish Sea Farms in third quarter

Scottish Sea Farms is expected to harvest 33,000 tonnes in 2021
Scottish Sea Farms is expected to harvest 33,000 tonnes in 2021

Scottish Sea Farms saw revenue increase 42 per cent in the third quarter of 2021 to NOK 773 million (£66.4m), up from NOK 543 million in the same period last year.

Harvested volumes were 10,126 gutted weight tonnes, up from 8,133 in Q3 2020, reported Lerøy, which owns 50% of the company.

Operational earnings before interest and tax (EBIT) were down at NOK 80 million (NOK 101m), and EBIT/kg was 7.9 (12.5).

Biological challenges in the quarter, particularly with gill health, had a negative impact on the results, and led to the early harvest of some sites, said Lerøy.

Acquisition

Guidance for 2021 has been reduced from 36,000 tonnes to 33,000 tonnes. Guidance for 2022 is 33,000 tonnes, excluding Scottish Sea Farms’ acquisition of Grieg Seafood Shetland, which is expected to be completed by the end of the year.

So far this year, Scottish Sea Farms has harvested 27,447 tonnes compared to 17,579 tonnes at the same time last year.

In 2020, Scottish Sea Farms harvested 26,000 tonnes in total. Grieg harvested 15,700 tonnes in Shetland and has capacity for 20,000 tonnes.