Grimsby, United Kingdom-based processing company Young’s Seafood Ltd. posted second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) of GBP 4 million (USD 5.1 million, EUR 4.5 million), which represented a 27.5 percent decline on the GBP 5.5 million (USD 7 million, EUR 6.2 million) achieved in Q2 2018.
Its revenues for the three months to 31 March 2019 fell 1.5 percent to GBP 134.2 million (USD 170.1 million, EUR 152.4 million).
“Our second-quarter results reflect our steady underlying performance, the challenges associated with raw material inflation and a footprint transformation project which had an impact on production, and has since been concluded. The steps we have taken to address these issues will be fully reflected in the subsequent quarters,” Young’s CEO Bill Showalter said.
Showalter said the business remains “on track” with its medium-term plan, and that during the last quarter, it launched a number of retailer-branded products to meet demand from consumers, while continuing to drive its exports and foodservice offer.
