Sykes Seafood parent company cites inflation, higher interest rates for 2023 drop in profit

Sykes Seafood's shrimp processing equipment
ADRD Investments, the parent company of Sykes Seafood, reported higher sales but lower profit before tax due to inflation and higher interest rates | Photo courtesy of
4 Min

ADRD Investments, the United Kingdom-based parent company of Sykes Seafood, reported that its 2023 profit before tax took a hit from higher interest rates, inflationary pressures, and exchange rates. 

The company, which supplies chilled and frozen seafood across the U.K. and Europe and operates Sykes Seafood, Big Prawn Co., and Klaas Puul – via an acquisition by Sykes in 2019 – posted GBP 347.7 million (USD 437.8 million, EUR 404.5 million) in sales for FY 2023, up 42 percent from the GBP 245 million (USD 308 million, EUR 285 million) posted in 2022. The company’s gross profit also increased, reaching GBP 71.2 million (USD 89.6 million, EUR 82.8 million), up from GBP 56.5 million (USD 71.1 million, EUR 65.7 million) in 2022.

The company’s underlying earnings before interest, taxes, depreciation, and amortization also increased to GBP 23.9 million (USD 30 million, EUR 27 million) year over year, up from GBP 19.3 million (USD 24.3 million, EUR 22.4 million). 

The company’s profit before tax, however, dropped from GBP 10.1 million (USD 12.7 million, EUR 11.7 million) in 2022 to GBP 1.7 million (USD 2.1 million, EUR 1.9 million) in 2023.

“The company has seen record sales in the year due to organic growth, the acquisition of Big Prawn, and the full-year effect of Ruskim Seafood Limited,” ADRD Investments said. “However, foreign exchange movements, inflationary pressures, and increased interest rates have seen profit before taxation fall.”

Sykes Seafood announced its acquisition of Ruskim Seafood Limited in December 2021. According to ADRD’s results report, since that time, Sykes and Ruskim signed a ...

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