Young's Seafood reports big increase in profits

The group’s stronger financial performance was in spite of rising fish prices during the period, a spiral which has continued throughout the rest of 2024, and a very slight increase in revenue.

Grimsby-based Young’s produces and processes wild caught and farmed seafood. The group reported revenues of £649.5m for the 53 week period, against £625.9m for the 52 week period ended 31 March 2023.

Young’s spent somewhat less on raw materials and consumables – a total of £437.6m against £443.4m for the previous financial year.

Staff costs were also down from £87.7m to £84.2m although operating charges were up by almost £10m to £89.1m.

The end result was a pre-tax profit of £20.7m for 2023/24 (2022/23: £4.9m) and a profit after tax for the period of £16m (2022/23: £4.7m).

Young’s, which is part of the Sofina group, one of Canada’s largest food producers, said the period had seen significant cost inflation with direct materials, utilities and indirect materials.

Director Simon Ho said: “The group continues to operate in a very challenging macro environment with inflation expected to continue to impact the company.

“Cod prices are at high levels and utilities and transport show no signs of weakening.”

Ho said Young’s was further developing long term partnerships with its customer base through competitive offerings of quality seafood products.

There was also a continued focus on operational improvements via Sofina.

Ho also said the group is continuing to invest in media, to drive consumer awareness of its branded products.

He concluded: “Young’s is well placed to deal with strong ongoing industry-wide challenges, and strong competitive pressures that characterise the UK seafood industry and is preparing for further significant growth in the years to come under the ownership of Sofina.”