Young’s Seafood turnover tops half a billion pounds
U.K. seafood processor Young’s Seafood Ltd. posted a 5.4-percent increase in its turnover to GBP 523.3 million (USD 688.6 million, EUR 591.4 million) alongside an operating profit of GBP 8.4 million (USD 11.1 million, EUR 9.5 million) for the financial year ending 30 September 2017.
Its earnings before interest, tax, depreciation and amortization (EBITDA) for the 12-month period was GBP 19.8 million (USD 26.1 million, EUR 22.4 million).
The company which was put up for sale earlier this year said the turnover growth was driven by contract wins in both frozen and chilled temperature regimes, as well as success in own-label as well as with the Young’s brand. It also stated that strong cost management ensured that the EBITDA delivery was in line with plan “in a challenging trading environment.”
Bill Showalter, CEO of Young’s Seafood, said that during the financial year the company tackled exceptional, one-off Brexit driven foreign exchange and raw material inflation. It also worked closely with its retail partners, and took steps to address cost management requirements at its Pinneys site in Scotland.
“In addition to share growth, we made positive progress in the foodservice channel, following our contract win with a major fast food retail company. Our exports program is also delivering with accelerated export orders to the USA. Bringing restaurant quality fish into new categories, we closed the year as the clear number one brand in frozen seafood,” he said.
Young’s said that driving exports is a key pillar of its strategic growth plan. In January, it entered the U.S. market in partnership with The Fishin’ Company by securing national distribution at Walmart, Sam’s Club, and several grocery chains operated by Ahold Delhaize with Young’s products featured in more than 13,000 distribution points.
This will be expanded upon by increasing Young’s U.S. distribution through partnership with the Albertsons Safeway group into Safeway Northern California and Jewel-Osco, adding an additional 1,300 points of distribution for the brand’s fish dishes in the country.