Profit growth for local fish feed firm

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Grangemouth-based fish feed manufacturer BioMar enjoyed a double-digit revenue and profit growth last year.

The firm, located on North Shore Road at Grangemouth Docks, stated sales rose 18.7 per cent last year to £99.3 million and improvements in efficiencies, developing new markets and foreign exchange gains, lifted pre-tax profits 19 per cent to £5 million.

BioMar said the UK market for salmon fish feed is “extremely consolidated” with just five salmon farmers accounting for more than 95 per cent of feed volume and three main feed manufacturers producing 99 per cent of all feed.

The favourable figures were partly down to the “significant investment” it made to improve its production facility in response to a Scottish Government pledge to support 20 per cent growth in farmed salmon between 2014 and 2020.

BioMar said it is now also actively targeting export markets.