YOUNG’ Seafood is showing stronger than expected sales growth thanks to a determined fight-back following the loss of a large salmon processing contract almost two years ago.
The Grimsby based company’s latest financial statement shows that turnover rose from £120.5 million to £131.6 million for the second quarter (13 weeks) to April 1, 2017.
Young’s financial year is unusual in the seafood business in that it runs from October 1 to September 30.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) was £5.3 million, slightly up on the same period last year.
Young’s has expanded and revamped its highly successful Gastro range and is looking overseas for growth following the appointment of an international sales director.
CEO Bill Showalter said: ‘Sales wins and the actions we have taken to improve Ebitda have delivered year-on-year growth for this quarter, and we continue to be on track to deliver our medium term profitability target.
‘These results reflect the strong year-on-year sales growth across both frozen and chilled temperature regimes while our work to manage costs across the business continues on plan.’
In January, the company launched its biggest, fully integrated marketing campaign in support of the Gastro brand.
The TV advertising, radio, digital and consumer PR campaign delivered the brand’s largest spontaneous awareness, and has been shortlisted for the prestigious Drum Marketing Awards.