Young’s 2017 sales and profits jump
YOUNG’S Seafood has delivered impressive full year results, with turnover up by almost six per cent, thanks to a strong performance and the capture of some important new contracts. And the even better news for the company is that the final quarter of the year saw double digit sales growth, according to the website fishupdate.com.
Grimsby based Young’s reported turnover of £523.3 million, an increase of 5.7 per cent year on year, and a gross profit (EBITDA or earnings before interest, tax, depreciation and amortisation) of £20.3 million for the financial year to September 30, 2017. This was coupled with a strong operational cash management.
Young’s CEO Bill Showalter said: ‘Contract wins and the growth of our market leading brand have continued our EBITDA improvement trend and delivered annual turnover growth.
‘Our fourth quarter saw double digit sales growth, with significant growth in both frozen and chilled temperature regimes.
‘In addition to share growth, we’ve also made positive progress in the food service channel, following our contract win with a major fast food retail company.
‘Our exports programme is also delivering, with accelerated export orders to the USA. Bringing restaurant quality fish into new categories, we closed the year as the clear number one brand in frozen seafood.’
It is less than a year since Young’s decided to expand into the export market. Using its 200-year-old British heritage as part of the marketing campaign, its branded frozen products, including the popular Gastro range, are already being sold in thousands of stores, including Walmart, across the US.
Last week, Showalter signalled that he is planning to launch into Europe and China. The company is currently the source of speculation over a possible sale by its private equity investors.
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