Lighthouse Caledonia partly credited its commitment to farming communities for its progress. (Photo: Lighthouse Caledonia)

Lighthouse Caledonia triples harvest volume

Scottish salmon farming giant Lighthouse Caledonia has announced record results for the first quarter of 2010 with a turnover rise to GBP 24 million (EUR 28 million) for the quarter against GBP 6.2 million (EUR 7. 2 million) for the same quarter in 2009. Harvested volumes more than tripled to 6,468 tonnes against the previous year.

Profits reached GBP 6.6 million (EUR 7.7 million) compared to a GBP 13,500 (EUR 15,771) loss in Q1 last year. The company’s cash position improved and it also made hefty repayments against long-term loans.

This successful first quarter performance follows the announcement that for the year ending 31 December 2009, the company achieved a turnover of GBP 63.5 million (EUR 74.2 million) following a significant corporate restructuring.

The market for salmon remains robust. Lighthouse Caledonia is currently working to meet forecasted volumes of fish for the year and has a focus to cut costs and maximise processing efficiencies this year.

Lighthouse Caledonia, which produces about 20 per cent of Scottish salmon, is now refurbishing its Marybank processing facility in Stornoway, Isle of Lewis. The plant is set to launch later this year and will initially create around 70 full-time jobs with the capacity to produce high-quality, pre-rigor pin bone out fillets.  

The company tries to back the rural economies in which it operates, and in March it acquired the agreement of its shareholders to begin the process of changing the company name to The Scottish Salmon Company.

“This has been another successful quarter and we are delighted with the company's progress,” said Mike Corbett, recently joined as CEO of Lighthouse Caledonia. “Fundamental to this has been our commitment to the communities in which we operate, encouraging year round employment and professional farming methods, processing and product development.'

“The performance also reflects the strong market for Scottish salmon with favourable market conditions and strong prices which are anticipated to continue throughout 2010. Key to the company's success is the development of the brand strategy and securing long term market relationships which maximise premium price opportunities for Scottish salmon,” he added'  

Lighthouse Caledonia is headquartered in Edinburgh and is a publicly listed company on the Oslo Axess.
 
Related article:

- Lighthouse Caledonia registers record Q4 

By Natalia Real
editorial@seafood.media
www.seafood.media

Address:	Drammensveien 147 B
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State/ZIP:	(0277)
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