Mørenot Aquaculture's net service station in Rypefjord just outside Hammerfest, Norway, which serves the fish farming industry in Finnmark and Nord-Troms. The company has several service stations in Norway, and in Scotland, Canada, and Spain.

Cost cuts will put Mørenot back on an even keel, says board

Ole Andreas Drønen kyst.no
Published Modified

Norwegian fish farming supplier Mørenot Aquaculture, which has branches in the Hebrides and Shetland in Scotland, and in western Canada, saw turnover drop and operating losses increase last year, Fish Farming Expert’s Norwegian sister site Kyst.no reports.

Turnover in 2022 was NOK 478 million, compared to NOK 539m the previous year. Profit before tax in 2022 was NOK -73.2m compared to NOK -28.6m in 2021. Mørenot Aquaculture has not made a profit since 2014.

In its annual report, the company’s board writes that the farming industry shows growth for its products and services, both within and outside Norway.

“We are actively involved in the work to develop new solutions in several areas that are expected to contribute to a more sustainable farming industry and a greater range of products and services for customers. We believe this will form the basis for continued growth for the group in this part of the business,” the directors write.

Merging functions

At the end of the year, the board of parent company Mørenot Group decided to carry out a reorganisation of the business within the farming division with the ambition of significantly reducing the cost level.

“For the company, this will entail the addition of activities from other group companies, as well as changes and merging of several functions. This work is expected to continue for large parts of 2023 and the financial results will only take full effect the following year,” the annual report states.

Mørenot Group was bought by Icelandic fishing, fish farming, and offshore industry supplier, Hampidjan, for NOK 1.1 billion at the beginning of this year.

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