Big profits boost for Young’s
GRIMSBY based Young’s Seafood has unveiled an impressive rise in sales and profits.
The operating profit for the 12 months to September 30 last year shot up by 24 per cent from £20.4 million to £25.2 million.
Turnover for the same period rose from £582.7 million to £595.6 million in what is described as a challenging market.
The results show progress on all fronts with EBITDA – earnings before interest, tax, depreciation and amortisation – up by 15 per cent from £31.8 million in 2013 to £36.5 million.
Young’s, which employs around 1,500 people in Grimsby, said sales growth in both branded and own-label chilled fish, alongside the growth of Young’s Gastro range, also had a positive impact on turnover.
The Young’s brand, in both the frozen and chilled categories, is now worth more than £230 million.
Profit growth continued to be underpinned by strong cost management and operational efficiency, which also improved gross margins, alongside modest sales growth.
Young’s CEO Pete Ward said: ‘We are pleased to report sales growth and progress in EBITDA and operating profit in challenging market conditions.
‘Our solid performance reflects strong sales across our portfolio, manufacturing excellence and the success of our change and cost management programmes.
‘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.’