Cooke Scotland's net profit drops 49% as lower salmon prices offset volume gains

Scottish salmon farmer Cooke Scotland recorded a 49% drop in net profit in 2025, falling to £6.1 million from £12 million the previous year, according to the company's newly released annual report. The decline came despite increased sales volumes, with directors attributing the shortfall primarily to lower salmon prices.

The net profit of its immediate parent, Cooke Aquaculture UK Holdings Ltd, fell even more sharply — by 60% — from £11.2 million in 2024 to £4.5 million in 2025. Both companies form part of Canadian family-owned seafood group Cooke Inc.

Turnover for Cooke Scotland decreased only marginally, to £225 million from £226 million in 2024, as larger sales volumes were offset by the price decline. Cost of sales rose 4% to £194 million, up from £187 million the prior year, driven largely by the increase in volumes sold. The company did not disclose a figure for its 2025 harvest volume.

Operating profit at Cooke Scotland was £2.8 million, down from £3.2 million in 2024. Pre-tax profit fell to £9 million from £16.1 million, and tax was £3 million compared with £4.1 million the year before.

Feed and fuel flagged as key cost risks

Directors highlighted feed as one of the company's main costs, noting that fluctuations in raw material and utility costs affect the price of feed sourced through a related entity. Fuel costs for the company's fleet of harvest and wellboats were also cited as a significant risk factor.

By region, UK turnover rose to £86.1 million from £78.1 million in 2024, and European turnover (excluding France) increased to £34.2 million from £26 million. In contrast, turnover fell in France to £56.4 million from £65.7 million, in the United States to £27.7 million from £30.5 million, in Canada to £19.8 million from £23 million, and in the rest of the world to £0.7 million from £2.8 million.

Dividend declared despite profit fall

Despite the weaker 2025 result, Cooke Scotland's directors recommended paying a dividend of £10 million to its owners. No dividend had been paid in 2024.

The company's biological stock was valued at £111.8 million at the end of 2025, compared with £113 million at the end of 2024. Wage and pension costs totalled £15.1 million for 333 staff, up from £14.8 million for 327 staff in 2024.

Holding company R&D spending falls

At the holding company level, Cooke Aquaculture UK Holdings reported turnover of £232 million (2024: £233 million), gross profit of £29.3 million (2024: £38 million), and operating profit of £14.7 million (2024: £24 million). Total expenditure on research and development fell to £11.4 million from £16.1 million in 2024, with a similar level of R&D investment planned for 2026.