Frozen, chilled sales push Young’s growth
Increased frozen and chilled seafood sales helped Lion/Gem Luxembourg 3, the parent company of Young’s Seafood Limited, realize sales growth in its fiscal second quarter.
The company reported turnover of GBP 131.6 million (USD 171.5 million, EUR 153 million), compared to GBP 128.8 million (USD 159 million, EUR 142 million) in the first quarter, and EBITDA of GBP 5.3 million (USD 6.9 million, EUR 6.2 million) compared to GBP 3 million (USD 3.9 million, EUR 3.5 million) in the first quarter of 2017.
“These results reflect the strong year-on-year sales growth across both frozen and chilled temperature regimes, whilst our work to manage costs across the business continues on plan,” Young’s Seafood CEO Bill Showalter said.
Young’s developed a significant amount of innovation through its brand throughout the quarter, Showalter said, building on the launch of its largest marketing campaign to support its Gastro brand in the first quarter.
“The TV advertising, radio, digital and consumer PR campaign delivered the brand’s largest spontaneous awareness,” Young’s said in a statement.
EBITDA is growing significantly ahead of the first quarter, “as the turnaround actions we are taking deliver real progress,” Showalter said. “Our brand remains the clear number one in both chilled and frozen markets, across multiple channels.”