The company said NPD for new and existing customers had helped it gain advantage over competitors and turn a pre-tax loss of £1.6m in 2009 into a profit of £18.7m in 2010. New "industry-leading" farming methods and improved processing methods had also boosted profitability.
Demand for aquaculture products was expected to remain strong into next year, while supply was likely to remain tight, the directors added. "Based on the global forecasted supply and demand ratio, and benefits through economies of scale, the future for Grieg is looking very promising," they said.
Grieg is a subsidiary of Norwegian Grieg Seafood ASA and supplies salmon to the mults under its Wild Waters brand.