Scottish salmon producer posts record revenues

LIGHTHOUSE Caledonia, producer of about a fifth of Scotland's salmon, yesterday posted record revenues of more than £24 million in its first quarter.

The firm – which has its head office in Edinburgh but is listed on Norway's Axess junior stock exchange – received a 17m cash injection last year as part of a "rescue deal" that saw private equity investor Northern Link taking a controlling interest.

Lighthouse's turnaround continued in the three months to the end of March, with revenue leaping from 6.6m to 24.1m.

The company swung from a loss of 13,500 in the first quarter last year to a 6.6m profit.

Mike Corbett, who recently took over as chief executive after Oddgeir Oddsen quit following a spat with the board, said: "The performance reflects the strong market for Scottish salmon with favourable market conditions and strong prices which are anticipated to continue throughout 2010."

Scottish salmon producers are benefiting from increased global demand after fish diseases closed down much of Chile's industry, which had been a major supplier.