Nueva Pescanova lost EUR 73 million in 2023

Nueva Pescanova Chairman José María Benavent
Nueva Pescanova Chairman José María Benavent | Photo courtesy of Nueva Pescanova
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Nueva Pescanova lost more than EUR 73 million (USD 79 million) in 2023, according to a financial report from Abanca, its parent company.

The Pontevedra, Spain-based vertically integrated seafood firm has still not posted its FY 2024 results on its website, but its EBITDA surpassed EUR 73.3 million (USD 79.2 million) in losses, up from a loss of EUR 60.5 million (USD 65.7 million) in the 2022 fiscal year, according to Abanca’s annual consolidated report submitted 15 April 2024 to the National Securities Market Commission (CNMV).

Abanca said the company had struggled due to global economic challenges caused by the inflationary crisis, the war in Ukraine, a decline in Chinese demand, and an increase in interest rates. It said it was “convinced” its two consecutive loss-making years “will be recovered” upon the implementation of a strategic plan now being developed.

Abanca said it has “complete confidence” in the company’s leadership, including José María Benavent, who was named the company’s executive chairman in April 2020, as well as Jorge Escudero, who was hired as CEO in September 2023.

In April 2023, Abanca granted Cooke Inc. exclusivity in negotiating a purchase of an 80 percent stake in Nueva Pescanova, but the deal fell through in October 2023.

Nueva Pescanova Sales, Marketing, and Innovation Vice President Fernando Zaldívar Kunz confirmed to SeafoodSource negotiations with Cooke remain inactive at the 2024 Seafood Expo North America.

However, Abanca said in its report it is still looking for a buyer for some part of Nueva Pescanova, so long as it remains based in Galicia, Spain.

“The bank maintains an active process for the entry of a new partner into the company, in line with its financial roadmap,” it said, according to Europa Press.

In September 2023, Nueva Pescanova laid off 70 central service workers in Madrid and Chapela, Spain, which it described as a cost-cutting measure.

In October 2023, Abanca CEO Juan Carlos Escotet restated his company’s commitment to Nueva Pescanova and that Abanca had initiated the establishment of a strategy to “strengthen the business project of [Nueva Pescanova], its competitiveness, and its business model,” according to El Español.

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