Fish in­fla­tion hits Young’s prof­its

Fish Farmer - - Processing News -

THE ris­ing cost of fish – both wild caught and farmed – ap­pears to have hit the prof­its of Young’s Seafood.

The Grimsby based busi­ness re­ported sec­ond quar­ter (Jan­uary 1 to March 30) turnover of £134.2 mil­lion, down by just over £2 mil­lion on the same pe­riod last year.

The EBITDA (earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­sa­tion) slumped from £5.5 mil­lion 12 months ago to £4 mil­lion this year.

Young’s CEO Bill Showal­ter re­ferred briefly to the ‘chal­lenges as­so­ci­ated with raw ma­te­rial in­fla­tion’,

The cost of prin­ci­pal species such as cod, had­dock and salmon have risen sharply over the past 12 months, plac­ing pres­sure on all UK seafood pro­ces­sors.

‘Our sec­ond quar­ter re­sults re­flect our steady un­der­ly­ing per­for­mance, the chal­lenges as­so­ci­ated with raw ma­te­rial in­fla­tion and a foot­print trans­for­ma­tion project which had an im­pact on pro­duc­tion, and has since been con­cluded,’ said Showal­ter.

‘The steps we have taken to ad­dress these is­sues will be fully re­flected in the sub­se­quent quar­ters.’

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