A firm behind a controversial trout farm at Loch Etive has hailed a “transformational” year despite an increase in annual losses.
Dawnfresh Seafoods, owned by the family behind the former Scottish logistics giant Christian Salvesen, said the “small increase” in losses from £5.2million to £5.9million in the year to the end of March 2014 does not “reflect the transformational improvements the company has made during the year”.
The Lanarkshire-based firm, whose brands include Grantown business Silver Tide by Marinades of Scotland and RR Spink & Sons’ in Arbroath, said results for the year were “disappointing”, although turnover increased slightly to £41.6million from £40.2million in the year.
The company is targeting growth in turnover and profit this year as retail customers add new listings of products.
“Sales and margins at all three of our production sites are now therefore increasing”, the firm said in its latest accounts filed at Companies House.
The company, the largest trout producer in the UK, said it has invested £2million in the year in its factories and farms.
Last year, Argyll and Bute Council granted permission for the firm to expand its operation on Loch Etive, near Oban, where it already had five trout farms.
Dawnfresh said the permission, which drew opposition from locals, came after a “prolonged” three year effort.
“This farm is now fully stocked so we have more fish growing and they will enable us to meet some of our customers demand for more loch trout in 2016,” the company added.
The company, chaired by Scottish billionaire Alastair Salvesen, employs 500 full time staff, with up to 200 additional temporary workers at key times.
The firm was the first to achieve Freedom Food accreditation for trout, the first time in a decade that the RSPCA introduced a new standard for fish welfare.
Mr Salveson’s family backed the firm with a £5.5million of funding for the year for capital expenditure as well as reducing debt. Since the year end, the family shareholders raised a further £11million through a share issue.