Bakkafrost out with a somewhat surprising – but not unusual – profit warning few days ago:
“[…] lower-than-expected operational Ebit for the Bakkafrost Group. The main drivers for the results are the extraordinarily low harvest volumes in the Faroese farming segment and the reduced average weight of the harvested fish”
“In general, price achievements for fresh salmon have reduced during the quarter. […] Also, exceptional mortality costs have been recorded in the quarter.”
Scotland also continues to be a headache:
“Scottish farming segment has had lower harvest weights in Q2, compared to the previous quarter, primarily caused by biology-led harvest at some sites and early harvest at some sites to reduce biological risk ahead of Q3.”
Stock is down -14% since the announcement.