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Young's Seafood announces growth and sustained earnings over the 2018 financial year

12 August 2019, at 2:40pm

Young's Seafood reports £545.9 million turnover for the 2018 financial year (4.3 percent growth), and 16 percent growth in earnings between 2017 and 2018.

Young’s Seafood Limited, the UK’s number one fish and seafood processor, today reports its financial results for the year to 30 September 2018. The results reflect turnover growth year on year through growth in frozen, chilled, brand and retailer-branded fish and seafood. The frozen sales increase resulted from growth in the company’s market leading brand in the UK and export markets and from a number of own label contract wins. The increase in chilled sales reflected strong customer activity and new listings as well as market growth.

Since the period covered by these accounts, CapVest Partners LLP, a leading international investor, announced the creation of a multi-protein food group with significant potential for further growth. It was announced on 2 July 2019 that Karro Food Group, a leading UK pork processor, which had been owned by CapVest since March 2017, had reached an agreement to acquire Young’s Seafood Limited. The new Group, which has a strong market presence in the pork and chilled and frozen seafood markets, will have sales of circa £1.2 billion and employ over 5,000 people across the UK and Ireland.

Di Walker, CEO of Karro Food Group, said: “The 2018 results for Young’s Seafood demonstrate the company’s continued market leadership in seafood and potential for future growth. Bringing restaurant quality fish into new categories, Young’s delivers the best quality own-label service to retailers. With a good foundation for growth and new ownership in place, Young’s Seafood is progressing well with the first phase of transition, achieving export growth and new contract wins since the time of these accounts. As we drive forward with our plans for the Group, we are very excited about creating an ambitious multi-protein food business, further developing and broadening our relationships with our key partners.”