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2016-02-23

The Scottish Salmon Company: The Scottish Salmon Company PLC Q4 2015 Results

The Scottish Salmon Company's Q4 results

reflect challenging start but strong finish to the quarter

* FY2015 delivered the company's second highest volumes&turnover -

Highlights

* Net Q4 operating revenues of £23.9m (Q4 2014: £30.8m)
* EBIT/kg before fair value adjustments of £0.07 (Q4 2014: £0.25)
* Harvested 6,059 tonnes (Q4 2014: 7,373 tonnes)
* Exports remain robust at 42% FY15
* Consents for additional site in Hebrides of 2,000T

The Scottish Salmon Company PLC (SSC) has issued its Q4 2015 results. Revenues
were £23.9m (Q4 2014: £30.8m) on harvested volumes of 6,059 tonnes (Q4 2014:
7,373 HOG tonnes). Harvest volumes were below the same period in 2014 due to
the alternate production cycles, with the smaller sites being harvested
during the quarter being more in line with the 2013 production cycle and
volumes.

The main challenges faced during the quarter, which impacted on revenue and
harvest volumes included; well boat issues requiring maintenance and severe
weather conditions, which together lost 16 days of harvesting; combined with
the continuing currency issues caused by the strength of Sterling against the
weak Norwegian Krone.

However, despite this, the Group delivered a strong and stable performance for
the year. Turnover for 2015 is £100.4m against harvest volumes of 25,569
tonnes. These results are the second highest to date for the Group and
compared to 2013 demonstrate a 19% increase in volumes and 18% in revenue
(£82.4m/20,825 tonnes).

Exports continue to reflect stable and robust performance during the year
despite the currency challenges with GBP. The Scottish Government, 'Year of
Food&Drink' campaign provided a very strong platform to reach international
buyers at overseas expos, as well as at home in Scotland. SSC's strategy will
continue to concentrate on exports in 2016, building on its presence in
Europe with its Label Rouge accreditations, as well as leveraging its
innovation programme to further expand.

A new site in Benbecula in the Hebrides has been approved adding an additional
2,000T consent. This supports the long-term aim to increase volumes and
achieve balanced year round production. SSC continues its measured investment
programme in order to support continued improvement and operational
efficiency, as well as the Group's growth strategy to produce premium quality
Scottish salmon.

Craig Anderson, Managing Director at The Scottish Salmon Company, said:

"When reflecting back on 2015 it is important to see how we have handled a
series of challenging circumstances during the year. I firmly believe our
results are testament to the fact we have put strong foundations in place
over the past few years that have enabled us to demonstrate the stability of
the business.

"Moving on to 2016 we have a strong base on which to deliver our forecast of
30,000 tonnes."

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
SSC PLC Q3 2015 Presentation
http://hugin.info/143286/R/1988277/729997.pdf
SSC PLC Q4 2015 Report
http://hugin.info/143286/R/1988277/729996.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Scottish Salmon Company via Globenewswire

HUG#1988277

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