If you read the market briefing, it provides insight into the Salmon part of the business. As is stated, it was flat on last year in terms of earnings, if you take out the biomass adjustments. That said, biomass still increased by 8.5m (as opposed to 17m in pcp).
That 8.5m hole in headline earnings was mostly plugged by the De Costi acquisition, although not entirely.
What's impressive to me is the 50% increase in revenues... I still need to breakdown the result further to understand De Costi margins, but as I said earlier, not a bad result at all.
TGR Price at posting:
$4.07 Sentiment: Hold Disclosure: Held