Nordic Halibut reports solid rise in prices and revenues

Premium white fish farming company Nordic Halibut has reported a marked increase in revenues during the final quarter of last year.

This was overwhelmingly due to higher prices for its product – farmed halibut – which achieved an average of NOK 165 (£12.50) per kilo for 5kg fish.

The company said that notably, halibut sold in size categories above 5 kg commanded a price of NOK 185 NOK per kilo (£14) in Q4, underscoring the significance of larger-sized fish and the adjusted commercial focus in response to market signals.

The sales price throughout last year averaged NOK 161 per kilo (£12.20) reflecting an impressive 8% year-on-year growth, the company said.

Total revenue generated for the quarter reached NOK 25m (£1.9m), contributing to a full year 2023 revenue of NOK 102m (£7.7m), representing a 27% year on year increase.

Harvest volumes for the quarter totalled 161 tonnes (145 tonnes heads on gutted), while the full year 2023 cumulative harvest volumes totalled 691 tonnes (621 tonnes HOG).

The company said it had prioritised ensuring a favourable distribution of harvest weights during the quarter.

Nordic Halibut added: “This strategic focus aligns with the commercial strategy aimed at increasing harvest weights in future periods.

“The overarching objective is to optimise the utilisation of available biomass, reinforcing our commitment to long-term goals, even if it entails potential impacts on short-term harvest volumes.”

Last year Nordic Halibut said it had also achieved an all-time high release of 794,500 fish into its sea farms.