LIGHTHOUSE Caledonia, Scotland's largest independent salmon farmer, over 30 sites in Scotland, has announced record profits for the last quarter of 2009, following a restructure of the company last year. The company made £4.2m profit before tax for Q4 2009 against a £768,600 loss for the same period the previous year.
Turnover during the period increased to £21.4m against £9m in the previous year with sales volumes doubled to 6,990 tonnes compared to Q4 in the previous year, despite poor weather pushing 1,400 tonnes for harvesting into 2010. This fourth quarter performance increased 2009 year to date profit to £10.4m before tax compared to £0.6m at the end of 2008. This resulted in a cash position of £11.9m at the end of 2009 compared with £2.2m in 2008.
The market remained strong throughout the quarter and the Company said its solid performance was due to the excellent health and low mortality of stock and also as a result of its policy of strict fallowing, stocking regimes and bio-security measures. During the quarter, a new harvest station has been commissioned at Lochinver to serve the company's northern sites.
Lighthouse Caledonia is a principal player in the Scottish aquaculture industry producing approximately 20% of Scottish salmon and is making further plans to position itself as Scottish and a supporter of the rural communities in which it operates.
The company expects to increase its harvest volumes to 24,500 tonnes during 2010. Going forward, it will maintain the emphasis on cost management and cash flow while developing the strategic focus to become the industry leader in Scotland.
A voluntary buy-back, followed by a compulsory buy-back of shares in January and February 2010 marked the first phase of a process designed to create a corporate entity that best suits the group’s future stability and growth.
Jim Mullins, Chairman of Lighthouse Caledonia, commented: “This has been another successful quarter and we are delighted with the company’s progress. The performance of the stock continues to be excellent as we implement strict environmental policies and sustainable operations.
“The market remains strong and is forecast to remain positive throughout 2010. Given these favourable market conditions and our continued investment, we are confident of developing the business further.”
Should fisheries be closed during breeding time to allow stocks to reach more sustainable levels?
