Young’s Seafood Limited, part of Findus Group, Achieves Growth and Progress Following Change Programme

Financial highlights:

 

  • Increase in operating profit up to £25.2m for the 12 months to end September 2014, versus £20.4m in 2013, an increase of 24%.

 

  • Increase in turnover up to £595.6m for the 12 months to end September 2014, versus £582.7m in 2013, an increase of 2%.

 

  • Increase in EBITDA up to £36.5m for the 12 months to end September 2014, versus £31.8m in 2013, an increase of 15%.

 

Young’s Seafood Limited, a leading UK processor of chilled and frozen, branded and own-label fish, today reports its results for the year to 30th September 2014.  The results show progress in EBITDA, Operating Profit and margin achieved in a challenging market. Sales growth in both branded and own-label chilled fish, alongside the growth of Young’s Gastro range, also had a positive impact on Turnover. The Young’s brand, in both the frozen and chilled categories, is now worth over £230 million.

 

Operating profit before exceptional operating costs and amortisation for the 12 month period was £25.2m and EBITDA £36.5m (compared to an operating profit of £20.4m and EBITDA of £31.8m). Profit growth continued to be underpinned by strong cost management and operational efficiency, which also improved gross margins, alongside modest sales growth.

 

Commenting on the 2014 results, the CEO of Young’s Seafood Limited, Pete Ward, said: “We are pleased to report sales growth and progress in EBITDA and Operating Profit in challenging market conditions. Young’s Seafood Limited’s solid performance reflects strong sales across our portfolio, manufacturing excellence and the success of our change and cost management programmes. Our focus continues to be on customer service, the development of our close partnerships with our key customers and suppliers, food integrity, ethical supply chains and insight driven innovation. With TV and multi-channel advertising supporting our new product launches and the development of our master brand we are optimistic for the coming year. Despite the challenging retail environment, our outlook for 2015 remains positive.”

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