Associated Seafoods, the artisan producer of high quality Scottish smoked salmon and shellfish, has reported a £5-million plus surge in turnover for the financial year ended October 31, 2019.
The year end accounts, just out, show that the salmon business turnover increased from £22.4 million in 2018 to £28 million this time. The operating profit in this sector came out at £.0.79 million compared to a loss of 0.13 million 12 months earlier.
Turnover in the shellfish business was down slightly from £4.53 million to £4.3 million, but the operating profit rose from £0.11 million to £0.18 million. The group says the return to profitability in salmon was due in large part to investment in cost reduction equipment, adding that it would invest further in such technology. It was also continuing to develop growth.
Associated Seafoods is the parent company of Lossie Seafoods Ltd and Moray Seafoods Ltd and serves a wide range of wholesale, retail and international customers.
The company, in its annual financial review, has acknowledged the risks posed by the Covid-19 pandemic and by Brexit after the transition period ends on December 31st, with or without a deal with the EU. It says the group is following Government advice on all aspects of the pandemic and up to the date of the accounts being signed off, its operations have not been adversely affected by Covid. Interestingly, it has since experienced an increase in sales due to extra demand from supermarkets during lockdown.
The reports adds:
‘The strength of our close and transparent customer and supplier relationships, alongside the continued support from our investors, puts the group in a strong position to continue to grow and move forward once the current disruption has ended.’