Bakkafrost announces higher Q3 harvests for Faroes and Scotland

Faroese fish farmer Bakkafrost today reported a significantly higher third quarter harvest, with its Scotland arm showing a marked improvement.

The Faroe Islands produced 21,600 tonnes, a rise of 4,800 tonnes on the same period 12 months ago.

The harvest in Bakkafrost Scotland, which is now recovering from various biological issues, totalled 5,400 tonnes against 4,100 tonnes in Q3 2023. All harvest volumes are provided in head-on gutted (HOG) equivalents.

Feed sales in Q3 2024 were 41,500 tonnes with the group’s feed subsidiary Havsbrún sourcing 40,000 tonnes of raw materials in the three months July to September.

Results during the previous quarter were badly affected by a month-long general strike which almost paralysed commercial activity on the Faroe Islands.

The stoppage proved costly for Bakkafrost because the harvest had to be delayed until after the dispute was settled which was also a period when salmon prices dropped sharply.

Bakkafrost has since highlighted major progress in Scotland, resulting in increased revenues and profits.

It said in August that an early harvest policy and sourcing smolts from its own in house production had helped to achieve major improvements.

The company added: “The report states: “One key element of this strategy is to harvest around 70-75% of the planned total harvest volume for 2024 during Q1 and Q2, ahead of Q3 which tends to bring more biological challenges in Scotland.”

The full third quarter report, when more details on strategy should become known, will be released on 5 November.