Young’s Seafood reports growth amid ‘challenging conditions’
U.K. seafood processor and chilled and frozen seafood supplier Young’s Seafood Ltd. reported an increase in operating profit of GBP 25.2 million (USD 37.4 million; EUR 34.5 million) for the 12 months ending September 2014. This represents an increase of 24 percent over the previous 12-month period.
The company’s annual sales turnover reached GBP 595.6 million (USD 884.9 million; EUR 815.2 million) for the period, an increase of 2 percent. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 15 percent for the 12-month period to GBP 36.5 million (USD 54.2 million; EUR 49.9 million).
Young’s saw growth in both branded and own-label chilled fish to complement increased sales with its Young’s Gastro range. The Young’s brand, in both the frozen and chilled categories, is now worth more than GBP 230 million (USD 341.7 million; EUR 314.7 million).
“We are pleased to report sales growth and progress in EBITDA and Operating Profit in challenging market conditions. Young’s Seafood Limited’s solid performance reflects strong sales across our portfolio, manufacturing excellence and the success of our change and cost management programs,” said Pete Ward, CEO of Young’s.
“Our focus continues to be on customer service, the development of our close partnerships with our key customers and suppliers, food integrity, ethical supply chains and insight driven innovation. With TV and multi-channel advertising supporting our new product launches and the development of our master brand we are optimistic for the coming year. Despite the challenging retail environment, our outlook for 2015 remains positive.”