Young's Seafood on the up – Fishupdate.com

Young’s Seafood on the up Published:  28 March, 2014

YOUNG’s Seafood has released an upbeat performance for the financial year to 30 September 2013 with an operating profit of £20.4m compared to £7m in a nine-month 2012.

Turnover increased to £582.7 million for the period compared with £425 million for a nine month period in 2012 .

There was also an increase in EBITDA (earnings before interest, tax, depreciation and amortization) which was up to £31.8m for the 12 months to end September 2013, versus £17.4m for nine months in 2012. 

This, says the company, represented an increase in margins to 11.0% for 2013, up from 9.3% in 2012.

Young’s, which employs over 2,000 people in Grimsby and Scotland, said the results showed improvements in sales, profit and margin and reflected the progress achieved following its recent (footprint) consolidation and change programme. 

The increased turnover reflected a strong performance in chilled fish sales, the integration of trade from Ocean Pure Limited (previously Cumbrian Seafoods) and the introduction of various newly developed product lines such as Young’s branded Gastro range.

This improvement also reflected underlying business progress and was achieved through comprehensive restructuring and operational rigour. 

The bottom line profit of the company also benefitted from a number of intercompany transactions relating to the next phase of a corporate simplification project.

This project re-aligns the reserves from other group undertakings with the trade, which had previously transferred. These transactions are non-recurring and of a non-trading nature.

 Commenting on the results, Leendert den Hollander, who recently stepped down as CEO of Young’s for a new post outside the industry said:

‘In 2011 we brought together the chilled and frozen business units as Young’s Seafood Limited and defined a strategy around encouraging consumers to eat responsibly sourced fish at least twice a week.

‘We have made considerable progress during 2013. Market conditions remain tough and adapting to changing retailer and consumer dynamics is crucial.

‘We have gone through a comprehensive cost and footprint restructuring, fully integrating the production volume from acquisitions, and launched various new product lines to stimulate top line growth.’

He added: ‘The Company’s relentless focus will remain on customer service, driving growth in close partnership with our customers, food integrity & ethical supply chains and insight driven innovation.

‘The category has huge scope for growth as we inspire more and more people to eat fish more often.’

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