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Cod products manufactured by Young's Seafood. (Photo: Young's Seafood)

Young’s Seafood increases turnover by 5.4pct

  (UNITED KINGDOM, 7/4/2018)

Young’s Seafood Limited managed to achieve a 5.4 per cent turnover growth year on year for the 12 months to end of September, to GBP 523.3 million. 

The firm’s representatives attribute this financial good result to contract wins in both frozen and chilled temperature regimes. They also highlight the success in the firm’s own-label as well as with the company’s market leading Young’s brand.

Young's Seafood stresses strong cost management ensured that EBITDA delivery was in line with plan, reaching GBP 19.8 million for the period, despite the challenging trading environment.

The operating profit before exceptional items and goodwill amortisation is GBP 8.4 million.

“Our brand remains the clear number one in both chilled and frozen market products, across multiple channels and temperature formats. Contract wins and the growth of our market leading Brand contributed to our annual turnover growth. During the Financial Year Ending 2017 we tackled exceptional, one off Brexit driven foreign exchange and raw material inflation, working closely with our retailer partners, and took steps to address cost management requirements at our Pinneys site in Scotland,” pointed out Bill Showalter, CEO of Young’s Seafood Limited.

The company has recently announced further exports growth in the US with increased distribution, new products and extensions to the existing lines.

In January 2018, Young’s entered the US market in partnership with The Fishin’ Company by securing national distribution at Walmart, Sam’s Club, and several grocery chains operated by Ahold Delhaize with Young’s products featured in more than 13,000 distribution points.

The firm stated that this will be expanded upon by increasing Young’s US distribution through partnership with the Albertsons Safeway group into Safeway Northern California and Jewel-Osco, which will make it possible to add an additional 1,300 points of distribution the brand’s fish dishes in some of the premier food markets in the US.

Related article:

Young’s Seafood to increase sales to US after deal with Albertsons
 
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Information of the company:
Address: Ross House, Wickham Road
City: Grimsby
State/ZIP: England (DN31 3SW)
Country: United Kingdom
Phone: +44 1472 585 858
E-Mail: [email protected]
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