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Shetland Catch pelagic plant. (Photo: Shetland Catch)

Russian embargo has strong negative impact on Shetland Catch

  (UNITED KINGDOM, 1/10/2017)

Shetland Catch has seen losses increase by more than GBP 1 million (USD 1.21 million) in the last fiscal year as a result of the Russian ban on food imports from the European Union.

Russia stopped EU seafood imports in 2014 in response to US and EU sanctions against Moscow, as tensions escalated over the crisis in Ukraine.

In a business report with the accounts of firm 2015/16, which was recently presented at Companies House, President John Goodlad said that financial performance was also affected by the unique maintenance costs.

However, the executives of the company reported that they achieved good sales in other European markets, which helped offset the losses suffered by the closing of the Russian market.

“However, these markets are slower moving and have led to the increased stock levels at the end of the financial year that we see in the accounts, again impacting on the loss for the year end," the directors highlighted.

Profits from Shetland Catch, which receives mackerel, herring, blue whiting and horse mackerel from the Shetland pelagic fleet, declined as a result of its lower revenues, which fell from GBP 45.9 million (USD 56 million) to GBP 34.6 million (USD 42.1 million) for the fiscal year ended 31 March.

The pre-tax loss increased to GBP 1.68 million (USD 2.04 million) in the period under review, compared to the loss of GBP 583,013 (USD 711,054) in the previous year.

“We did, however, have another positive herring season, continuing to develop a leading reputation in the European market for quality filleted products and we will see a 16 per cent increase in herring quotas for 2016,” they concluded.

The Gremista-based company operates the largest pelagic (mainly mackerel and herring) processing facility of its kind in Europe.

The factory can pack and freeze more than 1,000 tonnes of fish daily, while its on-site cold storage has room for about 12,000 tonnes.


[email protected]
www.fis.com


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]
More about:


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Approval / Accreditation / Certified / Oversight by...
IFS (International Food Standard)  HACCP  MSC/Marine Stewardship Council  E.U.  RF (Russia)  EFSIS/European Food Safety Inspection Service 



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