The value of the country's seafood economy last year increased to €1.26 billion as exports increased by 11% to €679 million.
In his report attached to Bord Iascaigh Mhara’s 2021 annual report, BIM’s chief executive, Jim O’Toole said that the increase in exports "was a significant achievement given the circumstances" during the Covid-19 impacted year.
"Overall, the value of the sector to the economy rose to €1.26 billion, up from €1.09 billion in 2020. This is the highest value seen since 2016 and represents a growth in GDP of 15.3% compared to 2020. The main driver of growth was from exports with an increase in value of 11% to €679 million in 2021," Mr O'Toole said.
In 2021, there were 16,430 employed in the seafood sector.
The overall spend by BIM last year in driving the sector increased by €6.44 million or 16% from €38.64 million to €45.08 million and this was brought about by a sharp increase in its Industry Capital Development spend rising by 49% from €17.6 million to €26.6 million.
The bulk of the Industry Capital Development spend came under the heading of Sea Fisheries more than doubling its 2020 spend to €17.99 million that included €10.98 million in grants.
The report states that during 2021 BIM implemented 18 grant schemes for the seafood sector with 907 grant payments totalling €20.86m in grant aid.
Of these, 15 schemes were co-funded at a rate of 50% by the European Maritime Fisheries Fund (EMFF) and this accounted for grant payments of €10.39m.
Staff numbers at BIM last year reduced from 125 to 122 as staff costs reduced from €8.39 million to €8.07 million.
The only staff member to earn over €100,000 last year was CEO, Jim O'Toole who received €136,000.
BIM’s total income for the year was €47.83 million that was mainly funded by a government grant of €45.9 million.
The annual report reveals that last year BIM incurred a €95,000 cost under legal settlements and was made up of settlements paid of €62,000 and associated legal costs of €33,000. BIM also incurred a further €51,000 cost in legal fees from legal proceedings.
