February 13, 2007

Hialtland Seafarms Group reports GBP 11 million in profits

Hialtland Seafarms Group, one of the largest salmon farming and processing company in the UK, has reported its best financial year ever, with gross profits of almost GBP 11 million.

Hjaltland Seafarms Group (HSG) produces more than one third of the Shetland region's salmon and processes half the islands' overall product, according to Shetland News.

The company recently started building a GBP 3.6 million processing plant and will start producing smoked and cured salmon by the end of the year.

Managing director Michael Stark said 2006 is the company's best year ever and attributed the success to an efficient and streamlined system. The company's integrated approach allows it to keep a very close eye on margins, he added.

In 2006, HSG processed 19,000 tonnes of salmon and sea trout and 3,000 tonnes of salmon fillets at their Lerwick Fish Traders factory.

General manager of trades association Shetland Aquaculture, David Sandison warned that although the outlook is bright, the company is looking for sustainability. The profits earned this year has allowed the company to make significant investment for the future, he added.

HSG hopes to increase its salmon farming production to more than 20,000 tonnes in 2007, from the 15,110 tonnes farmed last year.

Stark said the company's significant growth has been achieved by expanding its farming operation through acquisitions and development of new sites in 2005 and 2006.