The revenue in Fish Feed increased by 26.6% to €414.5 million compared to last year (Q1 2013: € 327.5 million), according to Nutreco\'s Q1 2014 trading update. The volume effect was 24.3%, mostly due to higher demand for salmon feed in Norway and fish feed for sea bass and sea bream in southern Europe partly offset by lower demand for non-salmonid feed especially in China. The increase in salmonid volumes was 35.9% driven by higher water temperatures in Norway compared to exceptionally cold water temperatures in the same quarter last year and increased biomass. The price effect was -1.5% due to lower raw material prices. The contribution of acquisitions was 11.1% and related to the acquisition of Gisis in Ecuador and Hendrix Misr in Egypt. The foreign exchange rate effect was -7.3%.

The volume share in revenues of fish feed for non-salmonid species is now 37% compared with 36% in the same quarter last year. The operating result in Q1 was clearly higher than the same quarter of 2013. This was mostly due to higher volumes in Norway, a better result in southern Europe and the contribution of operating companies in Ecuador and Egypt acquired in 2013.