Mowi subsidiary Wester Ross kept its head above water last year
Niche salmon farmer had a higher turnover but slightly reduced operating profit
Salmon farmer Mowi Scotland’s subsidiary Wester Ross Fisheries made higher revenue last year than in 2023 but a lower operating profit of £1.7 million (2023: £1.9m), according to its recently published annual report.
Turnover of £27.1m (£25.7m) reflected increased harvest volumes and an increase in the average sales price achieved, wrote directors. But cost of sales increased, despite a reduction in operational expenses.
One significant difference between 2023 and 2024 was the number of people employed by Wester Ross, which fell from 57, of whom 43 were employed in husbandry and 11 in processing, to 35, of whom 33 were in husbandry and none in processing. The wage bill consequently fell from £2.5m in 2023 to £1.74m.
Neither of Wester Ross Fisheries’ two directors – Piotr Kapinos and Scott Nolan – received any renumeration from the company. Their main employment is with Mowi Scotland.
Increased UK sales
The value of Wester Ross sales in the UK increased from £8.9m in 2023 to £12.9m last year, but sales in Europe fell from £5m to £3m. Sales in North America last year were worth £10.73m (£11.74m) and sales to the rest of the world accounted for revenue of £0.45m (£0).
The directors reported that effective from January 1, 2025, the assets and liabilities relating to the farming operations of the company were purchased by its immediate parent company, Mowi Scotland, for their net book value of £15m.
“The company will continue to trade in the selling of farmed Scottish salmon,” wrote the directors. “The farming and processing operations will be brought under the umbrella of Mowi Scotland Limited, with all farming assets being sold to the parent company.
“The location of the farms, the quality of the raw materials and the processes used to produce the salmon will remain unchanged, ensuring the superior quality of the final product is maintained.”
In its report for the third quarter of 2025, published on November 5, Mowi Scotland credited Wester Ross with helping it double its year-on-year operating profit in a tough trading environment.
“Wester Ross contributed positively to price achievement in the quarter, with volumes increasing substantially on the back of strong sales to the US,” wrote Mowi.
