Nordic Halibut to release one million fish a year

White fish farming company Nordic Halibut says it is well positioned to achieve its target in two years’ time of 4,500 tonnes (HOG), and on track to reach 10,350 tonnes by 2031.

Presenting this year’s first quarter results, Nordic Halibut said it harvested 150 tonnes (135 tonnes HOG) with an average weight of 4.9 kg during the period and registering an average price of NOK 163 (almost £12) per kg.

The company also achieved a superior quality rate on 99.7%, but reduced revenues of NOK 22 million (£1.6m).

In a highly important strategic move, the company said it aims to release one million fish into the sea annually until the new infrastructure is completed by 2027.

The investments made in facilities and improved biology in recent years have shown positive results, the report says

In line with expectations, the EBITDA came out at a loss of NOK 8.4 million (£617,000) and the financial loss for the period was NOK 22.3 million (£1.6m) in total.

Nordic Halibut said in its Q1 report that it had experienced a slight decline in achieved price during the period.

But compared to the sales price for the fiscal year 2023 (161 NOK per kg) there was an increase.

Lower harvest weights and reduced export share to the US market’s explained the decrease in price level from Q4 2023 to Q1 2024.

The report adds: “This emphasises the importance of the company’s strategy to maximise larger-sized harvests to achieve better price realisation.

“The price development signals market trends for premium seafood products.

“This forward-looking approach underscores Nordic Halibut’s commitment to sustainable growth and meeting the demands of discerning consumers for high-quality seafood.”