Markets Archive
SalMar, Lerøy report harvests for Q3
SalMar and Lerøy Seafood have issued their third quarter trading updates, with both recording fairly stable salmon harvests. The two companies are joint owners of Scottish Sea Farms, but the SSF figures will not become known until the parent companies’ full reports are published next month. The Lerøy third quarter harvest, all of it based…
Read MoreSalMar calls for more time on NRS merger
SalMar says it wants more time before going ahead with its acquisition of Norway Royal Salmon. The move is not thought to be directly connected with the Norwegian government’s controversial new salmon tax plan, although there was Norwegian press speculation along these lines yesterday. SalMar made the surprise announcement in a statement to the Oslo…
Read MoreSalMar CFO quits after five months in post
Gunnar Nielsen has resigned as Chief Financial Officer (CFO) of SalMar after just a few months in the job. The former Bakkafrost CFO (pictured) is returning to the Faroe Islands as Director of the local energy company Effo. Effo’s core business centres on fuel and lubricants supply. With the majority of the tank storage on…
Read MoreBakkafrost’s Scotland arm saw losses double in 2021
The Scottish business of Bakkafrost has reported a pre-tax loss of £46.18m, on turnover of £154.35m, for the year to 31 December 2021. The 2021 report for the Scottish Salmon Company (SSC), which now operates as Bakkafrost Scotland, describes 2021 as “a challenging year”. The losses before tax represent an increase of just over 150%…
Read MoreSalmon chiefs warn of investment flight from Norway
There was almost universal industry condemnation of the Norwegian government’s plan for a 40% land tax on salmon companies, with Mowi warning investment may move overseas. The proposal which affects farms with production volumes of more than 4,000 to 5,000 tonnes will be confirmed in next week’s national budget. The Lerøy Seafood Group denounced the…
Read MoreIndustry reeling after Oslo announces new salmon tax
Norway’s Labour-led coalition government sent shock waves through the country’s salmon industry today by confirming it will impose higher taxes on the sector. Full details will be announced in next week’s Budget, but it will be in the form of a new ground rent tax. The news sent salmon shares plummeting on the Oslo Stock…
Read MoreLerøy set to splash out on investment
The Lerøy Seafood group is planning to invest well in excess of NOK 3bn (£260m) in its value chain to help drive an ambitious growth plan. The company announced at its Capital Markets Day event yesterday that it is looking to achieve revenues of NOK 50bn (£4.3m) by the end of the decade. It has…
Read MoreLerøy aims for NOK 50bn turnover target by 2030
Lerøy Seafood Group aims to achieve a turnover of NOK 50 billion (£4.3bn) by the end of the decade. The ambitious goal was set out at the opening of the company’s Capital Markets Day today. The combined fish farming and trawler fishing group, which owns a half share in Scottish Sea Farms, is setting out…
Read MoreKingfish Company looks to raise more funds
The Kingfish Company is planning to seek up to €35m (£30.6m) in additional finance as it revealed that the expansion of its Netherlands facility is looking considerably more expensive than expected. The yellowtail fish farmer is currently in the process of completing phase 2 of its Dutch operation which will take annual production of up…
Read MorePraise for Bakkafrost’s sustainability reporting
Salmon producer Bakkafrost has received an accolade for its environmental reporting. A new report from Position Green (formerly The Governance Group) ranks Faroes-based Bakkafrost among the top performers of the 300 largest companies on the Scandinavian stock exchanges regarding ESG (environmental, social and governance) reporting. Bakkafrost also owns the business formerly known as The Scottish…
Read More