Profits hold strong for Young's Seafood as Q1 results delivered
By Grimsby Telegraph | Posted: 25 Feb 2019
Grimsby giant Young’s Seafood has posted a £135.6 million turnover for the final three months of 2018 - its first quarter of its new financial year.
Pre-tax profits of £4 million were achieved, on a par with the same time last year, albeit on a slightly reduced revenue from the £141.1 million it toasted last February.
Back in 2018 the Ross House team were celebrating near double-digit growth, having just launched in the US. This year, it fell back 3.9 per cent, with the message from the top placing emphasis on maintaining the level of performance for the near 1,700 town employees, supported strongly in Scotland too.
Bill Showalter, chief executive, said: “Young’s continues to be the UK’s leading fish and seafood business, with number one market positions in both the frozen and chilled categories.
Bill Showalter, chief executive of Young's Seafood.
“Our first quarter results reflect solid underlying performance and the actions we have taken to drive medium-term profitability. The sales trend for the quarter reflects contract wins, growth with key customers in own-label and foodservice, continued growth in branded sales, positive developments in chilled sales, alongside the one-off transitional impact of strategic changes associated with one contract.”
A redesign of the Gastro range packaging, new product development and cost management actions are also contributing to the progress of the town’s leading employer.
Mr Showalter added: “Proudly making fish dishes for over 200 years, we remain on track with our plan, inspiring consumers to love fish through our fresh, frozen, own-label and branded products.”
As reported last month, revenues were up more than 4 per cent for the year, with Young’s turning over £545.9 million across the whole year to late September.
Earnings showed an even stronger resurgence, with profits before tax up 13.3 per cent to £23 million.