UK retailer Waitrose’s dedicated Scottish salmon supplier, Aquascot, expects to start recovering following a few years of shaky financial results.
Gross profit climbed more than 13 percent to £6.3 million (€7.2 million/$8 million) during the year ended Jan. 31, 2019, while gross profit margins also increased to 10.5 percent from 8.9 percent in the year prior.
Operating profits, on the other hand, were flat year-on-year at £880,000 (€1 million/$1.1 million).
Sales volumes also went up 3.4 percent compared to the year prior, however, revenues dropped another 4.1 percent to £61 million (€70 million/$77.1 million) due to softening raw material prices.
The company has been able to pull through some economic challenges in the market during the past few years and has begun to recover, with more investments in products, employees and infrastructure underway.
However, it faces some risks such as maintaining a stable supply of high-quality raw material, which is why the company is moving to what it calls a "hub" model, working with just several key partners to ensure the flow of supply.