Nordic Halibut on track to hit production goals

Nordic Halibut says it is well on the way to achieving its production target of 4,500 tonnes within the next three years and 10,500 tonnes by 2031.

Presenting its third quarter figures for this year the company said a strong approach to biological control had led to a new commercial strategy, which will yield better results with higher margins and increased full run-rate production volumes.

The upward trend in sales prices seen year on year persisted into the third quarter period, registering an average sales price of NOK 147 per kilo.

The company harvested 131 tonnes with an average harvest weight of 4.8 kg during the quarter.

The total revenue during the July to September period rose by 23% year on year to NOK 17m (£1.25m).

In line with expectations, the EBITDA came in at minus NOK 13.9m (just over £1m) and an accounting loss for the period which ended at NOK 21.5m (£1.6m).

The financing of the company’s land-based facility at Tingvoll has been secured, and construction began in August enabling the realisation of the second phase in growth.

Meanwhile, growth of the phase one value chain was completed with the Batnfjorden site approval with the first fish put to sea in the on growing facility during the quarter.

Earlier this month Nordic Halibut announced the successful securing of NOK 230m (£17m) in financing for Tingvoll.

The money will enable the long term growth plan of 10,350 tonnes by 2031 to proceed according to plan.