LIGHTHOUSE CALEDONIA ASA announces Q4 2009 Results
- Continuing on from strong performance in Q3, Q4 delivered EBIT before fair value adjustment £4.5m
- EBITDA margin increased from 14% in Q4 2008, to 24% in Q4 2009
- Year to date results show EBIT of £12.7m on Turnover of £61.9m, highlighting the Company's continual progress towards delivering back-to-back results in line with analyst and shareholder expectations
- Volumes were 7% down in Q4 due to bad weather, however the shortfall falls into 2010
- The Company continues to make progress on reducing cost across the business and will continue to make improvements to the corporate structure going forward
- The gearing ratio (NIBD:EBITDA) is 2.4x
Lighthouse Caledonia, Scotland's largest independent salmon farming business, has announced record profits for the last quarter of 2009, following a restructure of the company last year. The company made £4.2m profit before tax for Q4 2009 against a £768,600 loss for the same period the previous year.
Turnover during the period increased to £21.4m against £9m in the previous year with sales volumes doubled to 6,990 tonnes compared to Q4 in the previous year, despite poor weather pushing 1,400 tonnes for harvesting into 2010. This fourth quarter performance increased 2009 year to date profit to £10.4m before tax compared to £0.6m at the end of 2008. This resulted in a cash position of £11.9m at the end of 2009 compared with £2.2m in 2008.
The market remained strong throughout the quarter and the Company said its solid performance was due to the excellent health and low mortality of stock and also as a result of its policy of strict fallowing, stocking regimes and bio-security measures. During the quarter, a new harvest station has been commissioned at Lochinver to serve the company's northern sites.
Lighthouse Caledonia, a principal player in the Scottish aquaculture industry producing approximately 20% of Scottish salmon and is making further plans to is making further plans to position itself as Scottish and a supporter of the rural communities in which it operates.
The company expects to increase its harvest volumes to 24,500 tonnes during 2010. Going forward, it will maintain the emphasis on cost management and cash flow while developing the strategic focus to become the industry leader in Scotland.
A voluntary buy-back, followed by a compulsory buy-back of shares in January and February 2010 marked the first phase of a process designed to create a corporate entity that best suits the group's future stability and growth.
Jim Mullins, Chairman of Lighthouse Caledonia, commented:
"This has been another successful quarter and we are delighted with the company's progress. The performance of the stock continues to be excellent as we implement strict environmental policies and sustainable operations.
The market remains strong and is forecast to remain positive throughout 2010. Given these favourable market conditions and our continued investment, we are confident of developing the business further."
Contact: Su Cox Investor Relations su.cox@lighthousecaledonia.com