Nordic Halibut on track for growth

The white fish farmer Nordic Halibut said today it is on course to considerably increase production over the next six or seven years. Presenting its interim third quarter report, the company said that growth is firmly on the agenda.

It said the biological asset production during the period was 382 tonnes, representing a 21% growth rate compared to the outstanding biomass at the beginning of the quarter.

Nordic also experienced an increase in harvest weights producing 107 tonnes, heads on gutted, with an average harvest weight of 4.8 kg

Prices continue to look positive with an average sales price of NOK 163 per kg (HOG,) representing an 11% increase year on year.

The company expects a harvest volume of 500-540 tonnes HOG for the full year of 2024 which is expected to approximately double each year until 2027.

It also said it was continuing to prioritise the harvest of smaller individuals to optimise the size distribution of the outstanding biomass with the ambition to increase average harvest weight over time, which is expected to lead to further improvements in price achievement.

The total revenue for the quarter ended at NOK 17 million (£1.2m) (+1% YoY).

The EBITDA came in at NOK Minus 17.2 million and net income ended at minus NOK -29.8 million for the period.

Nordic Halibut describes itself as a leading farmer of Atlantic halibut, located in Western Norway and with headquarters in Averøy, Nordmøre.

The company has a fully integrated and well-developed value chain from genetics to sales and has had a significant breakthrough in early phase production.

A growth plan to expand production volumes is implemented with a production target of 4,500 tonnes HOG in 2027 and 10,350 tonnes HOG in 2031.