Despite record sales, the world's largest salmon farmer, Mowi, is running into fierce competition in its value-added products division.

But the company has a plan to win.

Mowi Consumer Products reported earnings before interest, tax, depreciation and amortization of €15.1 million ($16.4 million) in the fourth quarter, around half of what it reported for the same time the year prior, the result of margin pressure in the European value-added market.