Young's Seafood posts quarter-on-quarter and year-on-year growth
Young's Seafood: Earnings are up.
By Grimsby Telegraph | Posted: 19 May 2017
GRIMSBY seafood giant Young’s has reported strong sales growth year on year and quarter on quarter.
The Ross House team, now led by Bill Showalter, turned over £131.6 million in the second quarter of its financial year – the 13 weeks to April 1 – with earnings of £5.3 million.
Mr Showalter, pictured, chief executive, said: “Sales wins and the actions we have taken to improve EBITDA have delivered year-on-year growth for this quarter, and we continue to be on track to deliver our medium term profitability target.
“These results reflect the strong year-on-year sales growth across both frozen and chilled temperature regimes whilst our work to manage costs across the business continues on plan.”
In January, the company launched its biggest, fully integrated marketing campaign in support of its Gastro powerbrand. The TV advertising, radio, digital and consumer PR campaign delivered the brand’s largest spontaneous awareness, and has been shortlisted for the prestigious Drum Marketing Awards.
“This quarter saw Young’s develop a significant amount of innovation through our brand which, in partnership with our retailer customers, will contribute to our ongoing success,” Mr Showalter, who has recently joined the Humber Local Enterprise Partnership board, continued.
“EBITDA is in growth, significantly ahead of the last quarter, as the turnaround actions we are taking deliver real progress. “Our brand remains the clear number one in both chilled and frozen markets, across multiple channels.”
In the first quarter, earnings of £3 million on a turnover of £128.8 million were reported, including the Christmas period which is one of seafood’s biggest occasions. Easter, another, fell in this latest reporting period. Brexit impact on currency conversion and supply issues with Icelandic strikes and farming issues have subsequently settled down.