Seafood giant Young's posts £30m increase in turnover as it guns for growth Stateside
By Grimsby Telegraph | Posted: 26 Jan 2018
YOUNG’S Seafood is a half a billion pound business once more, after a 5.7 per cent increase in turnover saw it hit £523.3 million for 2017.
Pre-tax profits of £20.3 million have also been revealed.
It comes as the Ross House team launches in the US in a major way, while on the home front speculation over a potential sale continues, with chief executive Bill Showalter having acknowledged it wouldn’t be unexpected as it approaches 10 years in the hands of the same private equity houses.
The company has today reported turnover of £523.3 million, an increase of 5.7 per cent on 2016’s £493 million, which had dropped by nearly £100 million on 2015’s £587.9 million when a huge contract was lost with Sainsbury’s. It consolidated heavily into Grimsby as a result, with Scottish operations cut back.
Highlighting “strong operational cash management,” Mr Showalter said: “Contract wins and the growth of our market leading brand have continued our EBITDA improvement trend and delivered annual turnover growth.
“Our fourth quarter saw double digit sales growth, with significant growth in both frozen and chilled temperature regimes.
“In addition to share growth, we’ve also made positive progress in the foodservice channel, following our contract win with a major fast food retail company.
“Our exports programme is also delivering with accelerated export orders to the USA. Bringing restaurant quality fish into new categories, we closed the year as the clear number one brand in frozen seafood.”
As reported, more than 5,000 US stores are now stocking a seven strong range, with China and Europe also eyed up following the appointment of an international director at the start of last year.