Salmon Evolution reports profitable Q2

The Norwegian land based salmon farming company Salmon Evolution has chalked up another profitable quarter.

It reported Q2 (April to June) revenues of NOK 170.5m (£12.3m) and a group EBITDA or operating profit of NOK 45.4m (£3.2m).

Salmon Evolution also said it has a positive cash flow from operations of NOK 37.5 million (£2.72m).

The quarter, says the company, saw a record high harvest of 1,581 tonnes HOG (head on, gutted) as well as strong prices for its product. Costs have also been driven down.

Salmon Evolution CEO Trond Håkon Schaug-Pettersen said: “In the first half of 2024 Salmon Evolution had close to 300 million in revenues and a farming EBITDA of almost 100 million, continuing to demonstrate that Salmon Evolution has established a unique, efficient and profitable growth platform.

“We are also very pleased with the phase 2 financing package completed during the quarter and look forward to continue our growth journey at Indre Harøy”.

The company said there was a continued strong all-in price realisation of 106 NOK per kg driven by an industry-leading superior grade share of 96%.

Salmon Evolution also reported a net biomass growth of 1,261 tonnes. Restocking the facility and setting the stage for strong growth during the quarter have been priorities for the quarter.

The company is also moving ahead with upsized Indre Harøy phase two. The company also successfully completed private placement in June raising gross proceeds of NOK 365 million (£26.5m) and NOK 675 million (£49m) in increased in bank facilities to fund the project.

It is in in a strong financial position, the directors said, with NOK 983 million (£72m) in available liquidity including committed undrawn credit facilities.

Salmon Evolution operates a hybrid flow-through system at its farm at Indre Harøy, on the Norwegian coast.

Trond Hakon Schaug-Pettersen, CEO Salmon Evolution