SSC looks to expand after landing record results

Published on Tuesday 15 February 2011 21:29

PROFITS at the Scottish Salmon Company (SSC) have more than doubled after the Edinburgh-based firm landed record results on the back of a leap in demand from export markets.

Chile was forced to remove its salmon from sale in the international market following outbreaks of fish farm diseases, creating strong demand for Scottish and Norwegian fish. Scottish producers are able to charge a premium for their product, which is seen by overseas customers as being of a higher quality than its rivals.

Sales at SSC leapt 43 per cent to 92.4 million, results yesterday revealed, and the firm was able to charge "premium prices", allowing pre-tax profits to grow from 11.1m to 22.5m.

SSC, which produces about 20 per cent of Scotland's salmon, is listed on Norway's junior stock exchange, the main market for fish-farming companies.

Private equity investor Northern Link took a stake of more than 50 per cent in the firm - previously known as Lighthouse Caledonia - in 2009 and restructured the company before floating it on the Oslo stock market.

Chief executive Bill Hazeldean told The Scotsman: "2010 was a transformational year. We were able to charge a premium price, which is quite right because we have the best fish. We're looking to take our production capacity from 25,000 tonnes this year to 30,000 next year and 40,000 by 2013. That's going to require investing in our current farms but I also wouldn't rule out further acquisitions."

SCC bought West Minch Salmon in July, taking its headcount to 370 workers across 40 sites.

Hazeldean said the firm was also looking to start smoking its own salmon.