Cooke Scotland's net profit fell by 43% last year due to price drop 

Salmon farmer Cooke Aquaculture Scotland Ltd (Cooke Scotland) made a net profit of just over £12 million last year, down 43% from almost £21.2m in 2023, its newly published 2024 annual report reveals.

Canadian-owned Cooke, which farms in Orkney and Shetland, had a turnover of £226.3m (2023: £216.6m) but increased costs of £187.2m (£168.2m). Operating profit was £24.7m, down from £36m in 2023, despite the company harvesting more fish. Harvest volume was not revealed, although in the past the company produced something in the region of 27,000 gutted weight tonnes annually, making it Scotland's third-largest salmon farmer by volume.

“Volumes were up in the year, but this was offset by a drop in prices, after the record prices seen the the previous year,” directors wrote in their strategic report for 2024.

“Cost of sales increased 11% to £187m in the year. This was largely driven by the increase in volumes sold, with costs fairly flat after the significant increases in previous years.”

Cooke Scotland ended the year with net assets valued at £129.7m, up from £117.7m in 2023.

Increased storm risk

Looking at operational and market risks, the directors listed price fluctuations and biological challenges.

“Winter storms are also an increased risk as we move into more exposed locations,” they wrote.

The directors added that due to the diversified nature of Cooke Scotland’s markets and customer base, the introduction of US trade tariffs wouldn’t have a significant adverse impact on UK operations.

The value of sales in different markets was:

Cooke Scotland spent £14.8m (£12.9m) on wages, social security costs, and pensions, and incurred a total tax charge of £4.1m (£6.2m).

Cooke Scotland is a subsidiary of Cooke Aquaculture UK Holdings Ltd, part of family-owned multinational Cooke Inc., based in New Brunswick, Atlantic Canada.