Mowi expects to harvest almost 40,000 gutted weight tonnes of salmon in Scotland in the first half of this year, buoyed by improved biological performance, higher volumes, and reduced costs.
Strong Performance Boosts Profitability
Mowi Scotland has turned around its financial performance significantly. The company reported an operating profit of €110.6 million (£92.2m) for 2024, with €23.2 million recorded in Q4 alone. This is a stark contrast to the €1.1 million loss in the same period of 2023.
Operating profit per kilo jumped to €1.37 from -€0.10 in Q4 2023. The company attributed its 141% price achievement over the reference price to several factors:
- Improved harvest weight.
- Increased sales of differentiated products.
- Strong contributions from Consumer Products at Rosyth and contract sales.
Harvest volumes also increased significantly, reaching 16,953 gutted weight tonnes (gwt), up from 10,568 gwt in Q4 2023. Lower mortality rates and robust production helped exceed initial harvest projections.
Seasonal Challenges and Biological Improvements
Mowi Scotland reported fewer challenges from algae and jellyfish due to lower sea temperatures. However, string jellyfish (Apolemia) were present in high numbers throughout October and November, impacting post-smolts transferred from Loch Etive to marine sites.
The company has enhanced its treatment capabilities, including measures to combat amoebic gill disease, and noted significant biological improvements:
- Post-smolt operations in Loch Etive are progressing as planned.
- A four-site fallowing system has reduced sea lice pressure.
- Loch Etive has been restocked with 4 million smolts, expected to transfer to marine sites at 400 grams in Q1.
- Future output from Loch Etive is projected to reach 7 to 8 million post-smolts annually.
Expansion and Future Growth
Mowi Scotland is also investing in infrastructure to sustain long-term growth. A new broodstock facility at Ardessie is under construction, with operations expected to commence in Q3 2025.
“These developments are crucial for strengthening both our biological and financial performance,” the company stated. “Post-smolt operations help mitigate summer water quality challenges, while eggs of the Mowi strain show strong correlations with higher robustness and lower mortality in Scottish marine conditions.”
With a solid financial rebound and expanding operations, Mowi Scotland is positioning itself for sustained growth in the competitive salmon farming sector.
