Grimsby, England-headquartered Young’s Seafood posted solid sales results in the second quarter of fiscal year 2017 that ended on April 1, ringing up revenues of £131.6 million compared with £128.8 million generated during the first quarter. Q2 earnings before interest, taxes and amortization (EBITA) amounted to £5.3 million – up from £3 million in Q1.
“These results reflect the strong year-on-year sales growth across both frozen and chilled temperature regimes, whilst our work to manage costs across the business continues on plan. We continue to be on track to deliver our medium term profitability target,” said CEO Bill Showalter. “Our brand remains the clear number one in both chilled and frozen markets, across multiple channels.”
The company bolstered sales in part by building on a major integrated marketing drive launched during the first quarter to promote its Gastro line of restaurant quality frozen seafood products that include single-serve meals as well as breaded fish fingers, battered fillets, scampi and specialty items. Worth over £57 million, the sub-brand has grown 31% in the last year and is ranked as the No. 1 brand in premium fish in the UK – reportedly twice the size of its nearest competitor.
It is estimated that Young’s Seafood, which was established in 1805, supplies approximately 40% of all the fish consumed in the United Kingdom annually. The company employs 1,700 people at its manufacturing and new product development center in Grimsby, in addition to 2,000 more workers at five sites across Scotland that specialize in producing a wide range of products ranging from smoked salmon to scampi.
