Young’s Seafood builds on strong chilled growth
The firm’s brand is currently worth £50M. It includes more than 40 different fish dishes, ranging from coated fish to natural fillets, surimi to shellfish, and speciality fish to smoked salmon, the company claimed.
Young’s said its brand growth in chilled was being driven by the success of its coated fish and Funky Fish Kitchen range. Its 300g, 460g and 600g chilled Breaded Fish Fillet lines were so popular they now had a value of £24M, and Funky Fish Kitchen was now worth £8M, according to the company.
Strong growth in surimi
Young’s also reported strong growth in its branded surimi category. That followed work to develop the best tasting stick and its move from using Threadfin Bream to Alaska Pollock caught in Marine Stewardship Council certified sustainable fisheries.
“A few years ago, some people in the industry believed that chilled fish brands were on the way out,” said Young’s Seafood deputy ceo Pete Ward. “But we’ve found that branded propositions can play an important, complementary role, alongside retailer branded products in chilled and frozen fish.
‘Pipeline of innovation’
“There is significant scope for growth for the Young’s brand in chilled, and we have a pipeline of exciting new innovation for 2015.”
In September, Young’s launched six additions to The Funky Fish Kitchen range, inspired by autumn and winter flavours. They included Smoked Salmon with Spiced Orange, Onion & Balsamic Marmalade (150g) and Ready to Eat Masala Smoked Mackerel Fillets with a Cucumber, Yoghurt & Tamarind Raita (220g).
Ready-to-cook products launched included Salmon Fillets with Lime, Soy & Spring Onion Butter (260g) and Smoked Cod Fillets with a Wholegrain Mustard, Horseradish & Cheddar Cheese Melt (230g).
In March, Young’s reported operating profit of £20.4M on sales of £582.7M in the 12 months to September 30, helped by strong chilled fish sales, which represent two thirds of its business. Its Gastro brand of frozen fish meals also contributed significantly to these figures, it claimed.
