Lerøy Seafood Group has enjoyed a record 2022 with revenues of NOK26.6 billion (€2.4 billion) thanks to high prices and strong demand for seafood.
Operating profit before fair value adjustments was NOK3.195 billion (€291.3 million) compared to NOK2.518 billion (€229.6 million) in 2021.
Although seafood markets were strong, the industry was under pressure from spiralling costs and the government’s contentious ‘salmon tax’. “We’ve already seen this have significantly negative effects on investments in coastal regions,” said Chief Executive Henning Beltestad.
“This is extremely unfortunate for Norway as a seafood nation, for the industry and for everyone who works in it,” he added.
Outlook
By 2025, Lerøy expects to have a market-leading EBIT per kg, EBIT for VAP S&D of NOK1.25 billion (€110 million), EBIT for wild catch of NOK500 million (€45.6 million) and a harvest volume in Norway of 205,000 tonnes. The group’s revenue is expected to reach NOK50 billion (€4.6 billion) by 2030.
“We’re standing by these ambitious but achievable targets,” said Henning Beltestad.
“The common denominator for success is operational improvements. We have clearly defined initiatives for achieving our goals. At the same time, we have to acknowledge that the proposed resource rent tax brings increased uncertainty,” he cautioned.
