Financial results from Bakkafrost Scotland show that the company’s third quarter harvest has increased from 6,900 tonnes a year ago to 8,100 tonnes, as the company rebounds from disappointing 2021 results.
Bakkafrost Scotland (which previously operated as the Scottish Salmon Company) reported a harvest of 5,100 tonnes from the south of Scotland an 3,000 tonnes from the north, reflecting a stronger performance as promised by the company.
The Q3 harvest from the company’s Faroe Islands operations also rose from 14,900 tonnes in Q3 2021 to 16,800 tonnes in 2022. This was made up of 8,700 tonnes from the north, 5,700 tonnes from the west and 2,5000 from the south.
In total, Bakkafrost secured a Q3 harvest of 24,900 tonnes, marking an increase of 3,100 tonnes compares with the same quarter in 2021.
However, the success of the company in 2022 could be threatened by looming tax changes that could see the company hit with a higher tax bill. The Faroese parliament is set to vote on raising taxes on the country’s aquaculture sector, with the full details due to be unveiled this week.
The proposed changes in the Faroe Islands comes after a similar move in Norway sparked a flurry of activity from salmon farmers, as they froze investments and scaled back operations, with NOK 55.9 billion (€5.9 billion) wiped off the Oslo stock exchange.
Bakkafrost has not yet commented on the potential tax rise or how the company might respond to such a move.