Revenues up at Young's Seafood as annual results published
By Grimsby Telegraph | Posted: 28 Jan 2019
Revenues are up more than 4 per cent at Grimsby's Young’s Seafood, it has revealed, as it posted an annual turnover of £545.9 million.
Earnings showed an even stronger resurgence, with profits before tax up 13.3 per cent to £23 million.
No update was given on sale proceedings, with the Ross House headquartered business having been openly marketed for the past year.
Bill Showalter, chief executive, pictured left, said: “Sales growth, contract wins and cost saving initiatives have resulted in significant EBITDA growth for our business this year.
“Young’s Seafood has a strong track record of operational success and remains the UK’s clear market leader in both chilled and frozen fish and seafood. Our fourth quarter saw continued turnover growth, with solid EBITDA, building on the traction through the year.
“Frozen sales have returned to the long-term trend of year on year growth, while cost reduction programmes have underpinned our sales performance. During the year we also achieved net leverage improvements and finished the year with £19.4m cash in the bank.”
The town’s biggest employer, with 1,681 staff now in Grimsby, it returned to a half a billion pound company on the back of 2017’s performance, when a 5.7 per cent increase saw it finish the year with a £523.3 million turnover.
Pre-tax profits were then at £20.3 million.
Overseas sales were brought in to focus. Mr Showalter said: “Our exports programme has maintained year on year growth, up 180 per cent on quarter four last year, demonstrating the popularity, demand and potential for further growth of our brand in other markets.
“Proudly making delicious fish dishes for over 200 years, Young’s continues to be the UK’s leading fish and seafood business, inspiring consumers to love fish through our fresh, frozen, own-label and branded products.”
Simply Bake and Simply Steam have been recent additions to the branded portfolio, with a focus on healthy eating and no-fuss preparation. It also won a major contract to supply salmon to Pret a Manger.
The current year reported on, to the end of September, has also seen it expand its footprint in Grimsby, adding the 13.5 acre site formerly occupied by XPO Logistics on Ladysmith Road.
Neighbouring the company’s Humberstone Road production facilities, it is to become the company’s natural salmon centre of excellence, with lines to cater for the new contract wins with Marks and Spencer, a new coated facility for the high street giant, as well as enhancements to the existing fish finger factory and further coated operations.