Seafood giant reports near double-digit growth in first quarter trading update
INTERNATIONAL EXPANSION: Bill Showalter, chief executive of Young's Seafood.
By Grimsby Telegraph | Posted: 23 Feb 2018
GRIMSBY seafood giant Young’s has reported a near double digit increase on turnover for the first quarter of its financial year, boosted by the Stateside launch.
The town’s largest private employer hit £141.1 million, up 9.6 per cent, with pre-tax profits of £4 million.
Bill Showalter, chief executive, said: “The strong growth of our market leading brand, contract wins and our first export deliveries to the USA have driven EBITDA growth during the quarter.
“We continued to see significant sales growth in both our frozen and chilled temperature regimes and Young’s remained the clear market leader. “Progress with our exports programme in the USA demonstrates the strength of our brand and the international demand for restaurant quality fish. We remain on track with our plan and continue to be the clear number one brand in frozen seafood.”
Young’s was back as a half a billion pound business again last year, having recovered from huge contract losses with Sainsbury’s.
As reported, last month Young's Seafood launched a frozen range into more than 5,000 stores, with China and Europe tipped to follow.
Major multiple retailers Walmart, Sam’s Club and a number of brands operated by global giant Ahold are listing the dishes processed by the Grimsby giant.
The big splash Stateside was been secured through a close working relationship between Young’s executives at Ross House and The Fishin’ Company, one of the largest US-based seafood suppliers, operational in 47 states.
Further to the figures, Mr Showalter underlined strong cash management in the report.