Profitable year for Loch Duart Salmon enables investment for the future
Loch Duart Limited, the independent salmon farming company based in Sutherland and the Hebrides, has filed its accounts for the 12 months ended 31st March 2017.
The accounts reveal Turnover of £42.5m (2015/16: £26.4m) resulting in Profit before Tax of £8.5m (2015/16: £2.4m loss).
The 2015/16 accounts had been impacted by a jelly fish attack on the company’s Hebridean stock which affected both revenues and profits for that and the prior year. This was not repeated in 2016/17 and the success of the year meant that around £3/4 million in bonus payments was shared with all staff.
“Our last financial year featured good fish growth, better control of the biological challenges facing the whole industry and strong salmon prices,” stated Loch Duart’s Managing Director, Alban Denton.
“Loch Duart is a relatively small player on the salmon farming stage but we contribute significantly to the remote, rural communities in which we operate. The hard graft of our staff members is turning around the fortunes of this proud, world class company. We properly acknowledged their fantastic efforts by sharing around £3/4 million in bonus payments with all staff. It’s terrific that the benefits of producing this wonderful food flow through to the beautiful, rural locations where we work.
“Loch Duart’s strategy is to sell into niche markets where our brand values are appreciated and valued, whether at home or abroad. This year, Loch Duart’s achievements were recognised in winning Food & Drink Company of the Year at the Made in Scotland awards and Foodservice Product of the Year at the Scottish Food & Drink Awards.”
Salmon farming at sea is a capital-intensive business and the company’s 2016/17 performance has enabled it to re-invest £2.9M in the business during the year and a similar level of investment is planned for 2017-18. Loch Duart is also investing heavily in its non-medicinal management and maintenance of fish health.
Loch Duart has also reduced its loans and bank debts, which have fallen to £2.6m at 31st March 2017 (31st March 2016: £7.2m).
Headcount increased to 109 at 31st March 2017 (31st March 2016: 103) and has subsequently increased to 115. Through this investment in people, Loch Duart recognises that its reputation for innovation and excellence relies on hiring the best minds to support the ongoing growth of the business.
