Norway-based halibut farmer Nordic Halibut exceeded its full-year revenue target and increased its fourth quarter revenue due to higher prices for its products.

The company posted a fourth quarter revenue of NOK 32 million (€2.9 million/$3.1 million) an increase of 4 percent year-on-year despite lower harvest volumes. The company exceeded its full-year revenue target by 7 percent, ending at a 2022 turnover of NOK 80 million (€7.3 million/$7.8 million).

Nordic Halibut's average sales prices during the quarter ended at NOK 165 (€15/$16) per kilo for fresh, whole halibut, which corresponded to an increase of 17 percent year-on-year.

During the quarter, the company harvested 195 metric tons head-on gutted (HOG), which was a 12 percent decline from the previous year. For the full 2022, the company harvested 537 metric tons HOG.

The production ramp-up advanced according to plans, with 700,800 fish put to sea during 2022. This year, the company expects to put 1 million juveniles in sea cages.

Nordic Halibut has implemented an ambitious growth plan to become the world’s leading halibut farmer after significant breakthrough in early-phase production.

The company is aiming for a harvest of 1,200 metric tons in 2023, equivalent to 1,080 metric tons HOG. The company has a production target of 4,500 metric tons of HOG in 2026 and 9,000 metric tons HOG in 2030.

Nordic Halibut has three locations and plans to establish a fourth during 2023 to enable run-rate production of at least 4,500 metric tons HOG halibut per year.

Earlier this month, the company announced it is one step closer to building a new land-based facility after the municipality of Tingvoll in Norway approved the company's zoning plan application. The facility in Western Norway is targeting an annual production of 1.25 million juveniles.

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