Lerøy Seafood Group ASA (LSG) achieved revenue of NOK 30 billion for the first time in its history last year, the Bremen, Norway, -headquartered fish farming and fishing company has confirmed.
For the fourth-quarter of 2023, Lerøy delivered an operating profit before biomass adjustments of NOK 765 million. In its Farming segment, LSG experienced challenges related to string jellyfish and lost feeding days in Lerøy Aurora and accelerated harvest in Lerøy Sjøtroll.
In Wild Catch, its earnings were approximately the same as the same period the year before, while in its VAP S&D segment, there were positive developments, including increased product prices that were more reflective of the increased raw material costs.
“We continue to vigorously work towards developing the most efficient and sustainable value chain for seafood. I am proud of the work our employees do, while acknowledging that the past year has been challenging,” CEO Henning Beltestad said.
Announcing its Q4 2024 results, Lerøy said it is diligently working towards strategic goals for 2025.
In 2024, it expects progress in its biological performance in Farming and movement towards its harvest volume of 205,000 tonnes in Norway by 2025.
Key measures to achieve this include improved smolt quality and the use of new technology.
“We are still in the early stages. So far, we have had a good experience with the use of submerged cages, with zero lice treatments and high survival rates, and we are also well underway with the introduction of various types of shielding technology. Currently, the plan is for approximately one-third of our salmon to be shielded with new technology by the end of 2024,” Beltestad said.
“In VAP S&D, we expect further improvements in results in 2024. We see clear signs of improved profitability, driven by better capacity utilisation and good development in several of our key markets globally. The goal of an operational operating profit from this segment of NOK 1.25 billion is challenging but achievable.”
Overall, LSG harvested 47,500 GWT farmed salmon and trout in Q4 2023 in Norway, a decrease of 5,800 MT year-on-year. The total for the full-year was 160,000 GWT.
Some 12,500 GWT of fish and shrimp was caught in the last quarter, taking its total for the year up to 75,900 GWT (versus 71,700 GWT in 2022).
