The Scottish Salmon Company PLC: H1 2019 Report

Highlights and key figures for the six months ended 30 June 2019

• Record revenues of £111.8m, driven by higher harvest volumes
• EBIT/kg of £1.70 compared with the exceptional £2.11 achieved during H1 2018 before fair value adjustment
• Export sales reached 67% (up from 59% YoY), driven by successful execution of export strategy
• Awarded 3 star “Best Aquaculture Practice” (BAP) certification for all processing facilities
• Significant continued capital expenditure on infrastructure development
• Dividend payment of NOK 0.57 per share
• On track to achieve full year volume guidance of 33,000 tonnes and 45,000 tonnes target by 2025

Craig Anderson, CEO, said:

“The business has delivered strong results in the first half of the year and we remain committed  to responsible business growth through our well-defined strategy.  Priorities are: to invest in our operations, enhance operating efficiencies and maximise value; further strengthen the position of our brands; and increase exposure into key export markets, which now account for 67% of sales.

“In the first half of the year, we delivered record revenues of £111.8m, despite a softening in market conditions and contending with localised operational and biological events that impacted production in Q2. Over the long-term, the aim remains to deliver steady and sustainable growth.  We remain on track to achieve our target volume of 33,000 tonnes by the year-end and 45,000 tonnes by 2025 with planning consent being obtained for two sites.

“Our ongoing investment strategy continues to demonstrate results and support increased production. As we achieve greater scale, we continue to make significant investments in site development, operational capacity, biological innovations and infrastructure.  The full benefit of this investment cycle will be realised going forward, ensuring we take advantage of an increasing share of global market potential as the demand for our Scottish salmon continues to grow.”

Please find the full H1 2019 Report attached.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Act

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