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Shetland Catch fish processing plant. (Photo Credit: Shetland Catch)

Shetland Catch records profit surge but turnover drop

  (UNITED KINGDOM, 7/28/2014)

Lerwick-based pelagic processor Shetland Catch recorded a pre-tax profit 121 per cent surge during the 12 months to March 31 this year, from GBP 1.4 million (USD 2.38 million) to GBP 3.1 million (USD 5.27 million) due to the good sales margins obtained from a buoyant mackerel season.

Despite this profit, the turnover came in at GBP 63.63 million (USD 108 million), almost 13 per cent behind the GBP 73.05 million (USD 124.2 million) recorded for the previous financial year, Herald Scotland informed.

The firm’s directors have not been able to find an explanation for the drop except for the fact that herring sales were facing ongoing challenges although the company had a decent summer season in 2013.

Its 2014 gross profit rose by 22 per cent, up from 16 per cent last year, while reported cost of sales dropped to GBP 49.58 million (USD 84.3 million) from GBP 61.2 million (USD 104 million) reported for 2013, Scottish Daily Record informed.

The value of stock, including raw materials and consumables and finished goods for resale rose to GBP 15.68 million (USD 26.6 million) in the 2014 year from GBP 4.16 million (USD 6.9 million) in 2013.

The firm pointed out it was planning its first major capital expenditure in almost eight years with a GBP 1.5 million (USD 2.5 million) upgrade of its mackerel distribution system and packing lines.

The firm reported it has GBP 1.5 million (USD 2.5 million) to pay by June, 2015 in relation to a levy imposed by the High Court in Edinburgh as part of a 2012 investigation into over fishing.

That year the company admitted processing thousands of tonnes of illegally landed mackerel and herring between January 2002 and March 2005, which was estimated to be worth more than GBP 47 million (USD 79.9 million).

As a result of the case, involving an estimated 170,000 tonnes of undeclared 'black fish' in a wider case involving 27 fishing boat skippers, those involved had their quotas slashed which had seen Shetland Catch book a pre-tax loss of GBP 6 million (USD 10 million) for the 2012 year.

As to the outlook, Shetland Catch pointed out it has seen a “partial resolution to the 'mackerel dispute', with Faroe now making an agreement with the European Union-Norway on the quota for 2014”.

And it said it looks forward “to the opportunities the increased mackerel quota will bring to the company in the long term”.

The firm announced possible further investment in factory improvements and expansion of cold-store facilities, which is being considered in the next 18 months.

Shetland Catch, whose largest shareholder is Norway Pelagic ASA, currently employs 87 staff.
 


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Information of the company:
Address: Gremista
City: Lerwick
State/ZIP: Shetland (ZE1 OPX)
Country: United Kingdom
Phone: +44 159 569 5740
Fax: +44 159 569 5761
E-Mail: [email protected]
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IFS (International Food Standard)  HACCP  MSC/Marine Stewardship Council  E.U.  RF (Russia)  EFSIS/European Food Safety Inspection Service 



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