Young’s earnings rise, even with the supplier up for sale
Despite being up for sale, Young’s Seafood sales and earnings rose in 2018.
The company’s sales increased 4.3 percent to GBP 545.9 million (USD 718 million, EUR 629 million) for fiscal year 2018, while EBITDA jumped 13.3 percent to GBP 23 million (USD 30, EUR 26 million).
“Sales growth, contract wins and cost saving initiatives have resulted in significant EBITDA growth for our business this year. Young’s Seafood has a strong track record of operational success and remains the UK’s clear market leader in both chilled and frozen fish and seafood,” Young’s Seafood Limited CEO Bill Showalter said in a statement.
Overseas sales of its products rose 180 percent in Young’s fiscal fourth quarter, demonstrating “the popularity, demand and potential for further growth of our brand in other markets,” Showalter said.
Overall, frozen sales have returned to the long-term trend of year-on-year growth for the company, while cost reduction programs “have underpinned our sales performance,” Showalter added.
During the year, Young’s achieved net leverage improvements and finished the year with GBP 19.4 million (USD 25 million, EUR 22 million) in the bank.
In related news, Young’s Foodservice expanded the Marine Stewardship Council (MSC) eco-label to an additional nine core products in its portfolio.
The products include: Young’s Chip Shop Range, available in Wild Alaska Pollock, Cod & Haddock; Young’s Mini Battered Fillets; Young’s Gluten Free Fishcakes; Young’s Omega 3 Gluten Free Fish Fingers; Young’s Chunky Tempura Fish Fingers; Young’s Cod Fillet Fish Fingers; Young’s Never Fried Wild Alaska Pollock Fish Fingers; Young’s Jumbo Breaded Minced Cod Fish Fingers; Young’s Chip Shop Jumbo Battered Cod Fish Fingers; Young’s Wholemeal Breaded Cod Portions; Young’s Battered Cod Portions; and Young’s Wild Alaska Pollock and Pink Salmon Pieces.
“Not only is sustainable seafood the best choice to protect our planet, but it also reflects positively from a customer point of view, too. Foodservice operators who purchase Young’s Foodservice range can confidently promote the MSC eco-label on their menu and relay this information to their customer base, resulting in huge benefit to the end user,” Young’s Foodservice said in a statement.
MSC-certified seafood also helps schools earn Food for Life points. The Soil Association program helps schools create healthy school meals and provide food education to the students in their care, according to Young’s.
“Sustainable practices are at the heart of our business, and we hope that this commitment will inspire others to make a significant difference in the U.K. market,” Adrian Greaves, foodservice director at Young’s Foodservice, said.