Hilton Food Group owned-salmon processor posts growth. 82% of its sales came from one big customer.
Seafood processor Seachill UK (the stand alone seafood division of Hilton Food Group) one of the UK’s leading fish companies and owner of The Saucy Fish Co, posted its latest financial results on Companies House for the year ended 29 December 2018.
Turnover increased 17 per cent from GBP 261 million to GBP 306 million from 2017 to 2018. Operating profit increased 4 per cent from GBP 9.6 million to GBP 10 million, for the same period.
Its operational profit flatlined at 3.2 per cent when compared to last year’s 3.7 per-cent.
Seachill wrote that its largest customer – which is Tesco – is equivalant to 82 per cent of sales in 2018, which it supplies to “through a long-term supply agreement with a mechanism to protect Seachill from volitity costs”.
“Trading during 2018 was over string and sales of GBP 306.9 million were 17.4 per cent higher that the prior year. The nusiness naviagated further raw material infaltion and developped its offering with the commencment of supply to the main customer of a new prouct category whuch will drive additional bebefits in 2019 from the full year effect. This supply required a signficant volume of investory to be held to ensure continuos supply, hence the stock on hand increased by 54 per cent with prior year volumes,” Seachill added.
Seachill and Saucy Fish Co Managing Director Simon Smith announced in Julys that he would take over the helm of Young’s Seafood from Bill Showalter, leaving the company after 10 years. Smith will be starting at Karro on the 21st October 2019.