The Scottish Salmon Company (SSC) has reported a slump into the red after a 15% year-on-year drop in the quantity of fish it harvests.
But SSC said its latest annual figures – part of its fourth quarter report – were the second best to date after a particularly strong performance the year before.
Pre-tax losses for 2015 totalled £405,000, compared with profits of £13.7million in 2014.
Total revenue for the latest period came in at £100.4million, a 20% drop from £125.9million the year before as the produced fish volumes fell by more than 4,600tonnes to 25,569tonnes.
While last year’s figures volume and revenue figures fell well short of SCC’s record-breaking performance in 2014, they were up by 9% and 18% respectively from 2013.
And the Edinburgh-based group expects a new site on Benbecula to help it achieve increased output – 2,000 tonnes of extra fish annually – and more balanced year-round production.
SSC said a “strong and stable” performance across the business last year was a good foundation for meeting its 2016 production target of 30,000 tonnes of fish.
Managing director Craig Anderson added: “When reflecting back on 2015, it is important to see how we have handled a series of challenging circumstances during the year.
“Our results are testament to the fact we have put strong foundations in place over the past few years that have enabled us to demonstrate the stability of the business.”
Fourth quarter volumes and revenue fell, with SSC citing an impact from unplanned maintenance and stormy weather – resulting in 16 days of lost harvesting.
The firm also highlighted “isolated incidents of mortalities” – fish deaths – and an impact from currency exchanges diluting the benefit of record market prices for salmon.
But it added: “In spite of the continued strength of sterling, Scottish salmon remains Scotland’s largest food export and we are currently one of the main producers of high quality, nutritional salmon with solely Scottish provenance.
“The group exports to 24 countries and year-to-date export revenues remains strong at 42%.
“We are continually strengthening our position as a top producer of premium Scottish salmon overseas and have already begun to implement the next phase of the export strategy.”
Foreign-owned SSC employs more than 450 people, with more than half of them working on sites on the west coast and Hebridean islands.
The firm has just been shortlisted for the large exporter and Scottish export team of the year categories of the HSBC Scottish Export Awards.