Coast Seafood marks 30th anniversary with 30% revenue rise
Norway’s Coast Seafood has reported a 30% increase in revenue for last year, but interest rate rises meant pre-tax profits fell.
Coast purchased the Danish fresh and frozen seafood business Vega Salmon in January 2023. Vega has an annual production turnover of around 25,000 tonnes of salmon and this acquisition was the main reason for Coast’s surge in turnover.
Celebrating its 30th anniversary this year, Coast Seafood exported fish worth NOK 8.3bn (£601m) last year.
The company said that turnover for 2023 was the highest in its history so far.
Operating profit increased by 14% to NOK 128m (just over £9m) however the company reports that higher interest rates led to a fall in the bottom line.
Pre-tax profit before tax ended at NOK 97m (£7m), a decrease of 23% on 2022. After tax, the group was left with a profit of NOK 69m (£5m).
CEO Sverre Søraa said: “We continue to take a larger share of the value chain, from raw fish to the finished product. Thus, in close co-operation with our suppliers, we can offer them long-term contracts to an extent that we have never had the opportunity for before.
He added: “Our suppliers’ efficient production, combined with our global sales organization, gives us enormous competitive power.”
The Coast Seafood group now employs almost 900 people and is continuing to invest in its facilities with a number of upgrades in progress or on the table.
