Results posted last week flagged up pre-tax profit for Young’s Seafood of £31.8M in the year to September 30, 2013. That was compared to £17.4M for the nine month period of 2012, the company having changed its accounting period that year.
In addition, according to the figures, the firm had grown sales from £425M in the nine month period to £582.7M in the past full year.
‘Newly developed product lines’
“This increase in turnover reflects 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,” it reported.
Young’s Seafood’s owner, venture capital business Lion Capital, acquired chilled seafood processor Ocean Pure in May 2012.
Young’s also attributed its successful results to the progress achieved following the completion of a recent consolidation and change programme.
“We have made considerable progress during 2013,” said ceo Leendert den Hollander. “Market conditions remain tough and adapting to changing retailer and consumer dynamics is crucial.
‘Relentless focus’
“The Company’s relentless focus will remain on customer service, driving growth in close partnership with our customers, food integrity and 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.”
James Hill is set to replace den Hollander as ceo of Young’s Seafood tomorrow (April 1), while retaining his existing role as ceo of parent company Findus Group.
Meanwhile, competitor Lyons Seafoods grew pre-tax profit by 10.8%, from £7.69M in the 53 weeks to June 2012 to £8.53M in the year to June 29, 2013, although turnover fell slightly, from £104.15M to £102.15M.
“The continued investment in chilled production facilities continue to provide a firm base from which the business can continue to grow,” the company reported in results logged with Companies House last week. It added that it continued to keep a tight control on supply chain costs.