Record-high prices see Cooke UK report strong profits despite 15% drop in volume

Editorial Staff

Cooke Aquaculture UK recorded a 5 percent increase in turnover for 2022, driven by record-high salmon prices.

Salmon producer Cooke Aquaculture UK reported a 32 percent rise in net profit to £25.6 million in 2022, according to the company’s annual report, published last week.

Cooke Aquaculture Scotland’s post-tax profit increased by 31 percent to £27.5 million, with costs rising by 1 percent to £134 million.

The company’s operating profit reached £36.2 million, while tax payments amounted to £4.64 million.

Despite a 15 percent drop in salmon volume from subsidiary Cooke Aquaculture Scotland compared to 2021, Cooke UK’s turnover increased by 5 percent to £188 million, primarily attributed to record-high salmon prices.

Cooke UK’s feed subsidiary, Northeast Nutrition Scotland Ltd, reported a 39 percent increase in turnover to £72.7 million but incurred a post-tax loss of £370,482 due to rising material costs, labor inflation, utility price increases, and exchange rate losses.

Cooke UK’s net assets grew from £93.7 million in 2021 to £119.4 million in 2022, and no dividend was paid to its owner, Cooke Aquaculture, Inc.


Related Articles