Dawn­fresh ‘dis­ap­point­ing’

Ac­counts: Losses widen but turnover is up at Salvesen’s seafoods firm

The Press and Journal (North-East) - - Business - BY KEITH FIND­LAY

Dawn­fresh Seafoods, whose op­er­a­tions in­clude sev­eral fish farms in Ar­gyll and a pro­cess­ing fac­tory in Gran­town, plunged deeper into the red in its 2015-16 fi­nan­cial year.

Ac­counts just re­leased by Com­pa­nies House show Dawn­fresh, based in Ud­dingston, near Glasgow, saw pre-tax losses widen to £8.1mil­lion from £3.9mil­lion the year be­fore.

But turnover in­creased by nearly £7mil­lion to £60.3mil­lion.

A strate­gic re­port with the ac­counts of­fered lit­tle in the way of ex­pla­na­tion for the lat­est losses.

But mul­ti­mil­lion­aire chair­man Alas­tair Salvesen, whose fam­ily has amassed a sub­stan­tial for­tune from trans­port and plant hire, ad­mit­ted the year-on-year per­for­mance was “dis­ap­point­ing”.

He added: “In Jan­uary 2016 of this fi­nan­cial year, the group repo­si­tioned it­self to that of a busi­ness fo­cused wholly on chilled seafood pro­cess­ing and trout farm­ing.”

This was achieved through the sale and dis­posal of the firm’s frozen scampi busi­ness to Whitby Seafoods.

Mr Salvesen said Dawn­fresh con­tin­ued to in­vest in new prod­uct de­vel­op­ment, a strat­egy ex­pected to pay off in new op­por­tu­ni­ties for growth.

The com­pany also spent cash on its fixed as­sets, in­clud­ing through a ninemonth project to dou­ble the ca­pac­ity of the smok­ing fa­cil­i­ties at its RR Spink and Sons sub­sidiary in Ar­broath. “We in­evitably in­curred ad­di­tional costs in work­ing around con­struc­tion events,” Mr Salvesen said.

He added: “Within farm­ing, we con­tin­ued to in­vest in our peo­ple and fish hus­bandry and wel­fare stan­dards to re­main the largest global sup­plier of Scot­tish loch trout.

“Both our ex­port and UK trout busi­ness op­por­tu­ni­ties con­tinue to grow, based on our con­tin­ued in­vest­ment and de­vel­op­ment Scot­tish aqua­cul­ture.”

Chief fi­nan­cial of­fi­cer Jim Hep­burn was un­avail­able yes­ter­day, but a spokes­woman for the com­pany said he had noth­ing to add to the ac­counts.

Dawn­fresh has seven fish farms and hatch­eries in Scot­land and North­ern Ire­land, in­clud­ing fresh­wa­ter trout sites at Tervine and Brae­val­lich in Ar­gyll.

Its Gran­town op­er­a­tion, Daniel’s Sweet Her­ring, is in one of the UK’s lead­ing pro­duc­ers of ready-to-eat mar­i­nated fish prod­ucts.

The group em­ployed 557 peo­ple on av­er­age dur­ing 2015-16, com­pared with 496 the year be­fore.

Mr Salvesen and his fam­ily made £60mil­lion from the sale of lo­gis­tics firm Chris­tian Salvesen in 2007. They were ranked 197th in the last Sun­day Times Rich List of the UK’s wealth­i­est peo­ple, with a for­tune es­ti­mated at £600mil­lion.

IN­TER­ESTS: A fish farm on Loch Etive op­er­ated by Dawn­fresh Seafoods, which also has a pro­cess­ing fac­tory in Gran­town

Alas­tair Salvesen: boss

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.