Seafood giant's growth run continues as sale process continues
By Grimsby Telegraph | Posted: 25 May 2018
Young’s Seafood has maintained its year-on-year growth, with all eyes on the Grimsby business after owners put it up for sale.
The Ross House team has reported a turnover of £136.3 million for the company’s second quarter, with pre-tax profits of £5.5 million. It represents 3.6 per cent growth on revenues, and 3.7 per cent on earnings.
The owning consortium announced it was looking to sell the major Grimsby employer last month, with interest from tuna giant Princes and global equity house Sun Capital Partners reported.
Bill Showalter, pictured, chief executive, said: “Young’s remains the clear market leader with sales growth in chilled and frozen delivering EBITDA progression underpinned by cost management.
“The success of our brand, contract wins in retailer own-label and exports continue to drive frozen growth.
“Long term, natural whitefish, salmon and coated fish contract wins have contributed a significant step in delivering our run rate EBITDA outlook. Progress with sales growth in the UK and the USA demonstrate both the continued demand for our products and the international growth potential of our brand.”
This includes the Marks and Spencer work from beleaguered Five Star Fish, which could see 200 jobs created in the town as it also looks to bring work south from Scotland, in a further consolidation of operations.
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