THE Scottish Salmon Company (SSC) yesterday revealed that it is taking legal action after “sub-standard feed” hit its fish growth and survival rates, wiping £1.7 million off its 2012 profits.
The Edinburgh-based company, which is listed on the Oslo stock market, sunk to a pre-tax loss of £4.7m for 2012, compared with a profit of £1.5m in 2011.
SSC said the feed problems were “unprecedented” and were “now the subject of legal negotiations”, while the company’s figures had also been affected by market prices remaining “low”, with revenues down to £79.5m from £90.2m.
Chief executive Stewart McLelland added: “2012 has been a challenging year and our results, in line with company expectations, mirror wider industry trends.”
The company, which produces about a fifth of Scotland’s salmon, was previously known as Lighthouse Caledonia and was created in 2007.