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Scottish Salmon Company sees big rise in revenues

THE Scottish Salmon Company (SSC) has posted record first quarter revenues of £27.7 million on the back of a strong performance at home and abroad.

The company said the result for the three months to the end of March this year was up 48% on the £18.7 million recorded in 2013.

That higher revenue helped earnings before interest and tax, coming in at £4.1 million, up from £1.8 million.

The group's result was boosted by a two-year deal with an unnamed London restaurant and retail food shop operator which has 48 outlets.

SSC said much of its produce would be used in sushi for that contract.

Further afield, exports made up 48% of revenue, up from 35% last year, amid rising demand in Europe, America and the Far East in countries such as Thailand, Malaysia, Singapore, Japan, Taiwan and China.

The company highlighted a new contract with a high-end Swiss food retailer and said it was hopeful of continuing to capitalise on the strong prices currently being paid for Scottish salmon.

Harvested volumes in the quarter were 6004 tonnes, compared to 5092 tonnes, and SSC said it had seen good biological performance in the period.

Craig Anderson, managing director, said: "SSC is a re-energised company, open for business, establishing new markets and moving forward with quality fish, at the right size and delivered on time.

"Having made positive moves towards balancing production cycles through organic changes and new consents, we have shifted our focus.

"Through an intense process of market and client engagement we are building our customer relationships on solid principles of knowledge and understanding of their priorities and requirements. It is making a tangible difference. The new deals with top tier Swiss and London retail brands are testament to that."

The company confirmed it planned on making capital investment of around £12 million this year.

That also includes further spending on a project to develop farmed Ballan Wrasse, a cleaner fish which eats salmon lice, for use in salmon pens to improve mortality rates.

SSC, which employs around 400 staff, has 60 sites across the Highlands and islands, Argyll and Bute and the Western Isles.

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