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2014-05-21

The Scottish Salmon Company: The Scottish Salmon Company PLC releases Q1 2014 Results

* Revenues up by 48% on Q1 2013 by £9m to £27.7m which represents a record
Q1 for The Scottish Salmon Company
* EBIT before Fair Value Adjustment £0.68 per kg (Q1 2013: £0.35 per kg)
* Exports increased to 48% of revenue in Q1 with strong demand for Scottish
salmon particularly in Europe, USA and the Far East (Q1 2013: 35%)
* Improved biological performance with mortalities lower than expected with
good growth conditions
* New and exclusive two-year contract with top London sushi chain - as a
direct result of market-led strategy
* Loch Fyne Oyster's recent Queen's Award highlighted SSC quality as its sole
salmon supplier

The Scottish Salmon Company (SSC) has reported a highly successful first
quarter to 2014, boosted by a new and exclusive two year contract with a top
London foodie outlet and a growing export market.

The results for Q1 in a strong market, including significant increases in both
turnover and profitability over the same period last year, are a direct
consequence of the shift from a production focus to a more market led
business strategy introduced by new Managing Director Craig Anderson.

Revenues for January to March 2014 were £27.7m (Q1 2013, £18.7m) and EBIT
£4.1m (Q1 2013, £1.8m). With good biological performance, these results were
achieved on harvested volumes of 6,004 tonnes (Q1 2013, 5,092 tonnes).

Exports for the quarter were up, representing 48% of revenue in Q1 (Q1 2013:
35%), as demand rises in Europe, America and in the Far East, where new
markets are developing. The overseas customer base is also expanding in the
high-end marketplace, with another new contract with the top Swiss food
retailer, allowing the company to capitalise on current strong market prices

On the domestic market, the deal to supply a chain of 48 restaurants and food
shops that have built their reputation on healthy food and sustainability,
with salmon for sushi reinforces SSC's market position for quality and
freshness.

SSC's ability to deliver high quality, premium salmon consistently year round
is fundamental to this success at home and overseas and is the result of an
ongoing capital investment programme to balance production, introduce
husbandry improvements and continually develop all elements of the supply
chain.

Craig Anderson said:

"SSC is a re-energised company, open for business, establishing new markets
and moving forward with quality fish, at the right size and delivered on
time.

"Having made positive moves towards balancing production cycles through
organic changes and new consents, we have shifted our focus. Through an
intense process of market and client engagement we are building our customer
relationships on solid principles of knowledge and understanding of their
priorities and requirements. It is making a tangible difference. The new
deals with and top tier Swiss and London retail brands are testament to that.

"Last month, as sole supplier to our sister company, Loch Fyne Oysters,
consistent high quality was also an important factor behind its success in
winning the Queen's Award for Enterprise, in the category for international
trade.

"To support the company's new focus, we are strengthening our management team
with outward looking skills that will support our aspirations as a leading
producer of premium salmon for a growing domestic and export market."

Capital investment for the year ahead is estimated at around £12m, while the
Company has committed further investment in the project to develop farmed
Ballan Wrasse, or 'cleaner fish', for use in the salmon pens as a compliment
to conventional treatment strategies.

The Scottish Salmon Company

The Scottish Salmon Company PLC, through its UK subsidiary Scottish Salmon
Company Ltd, is the leading independent producer of Scottish salmon,
providing superior salmon to both local and international markets. The
Scottish based and operated company is a fully-integrated seafood company,
built around the provenance, taste, freshness, sustainability and health
benefits of its salmon.

The Company is engaged in all stages of the value chain from smolt production
to harvesting, processing and sales. Operating from over 60 sites on the
Hebrides and West Coast of Scotland, the company currently employs over 400
staff. The Scottish Salmon Company currently produces about 25,000 tonnes of
Scottish salmon annually, accounting for about 20% of Scottish production.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
SSC PLC Q1 2014 Presentation
http://hugin.info/143286/R/1787352/613663.pdf
SSC PLC Q1 2014 Report
http://hugin.info/143286/R/1787352/613662.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

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