Young’s Seafood posts £13.7 million loss

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Salmon processor is on the lookout for businesses to acquire.

In a statement on Companies House, Young’s posted an operating loss of GBP 13.7 million in its extended 18 month accounting period ended March 2020. To compare, 2018’s (52-week period) ended September was GBP 8.2 million.

Revenue was GBP 815 million, compared to 2018’s (52-week period) GBP 544 million.

Grimsby-based Young’s was sold to Karro Food Group (which has been owned by CapVest since March 2017) in July 2019.

The company said that it experienced pressure on margins and operational inefficiencies in the first half of the period (before the acquisition), the second half saw improved business performance following the implementation of “efficiency improvements, business restructuring and turnaround programmes”.

A loss of GBP 10.1 million was attributed to the closure of its Pinneys of Scotland plant in Annan at the end of 2018.

Young’s Seafood wrote that its directors are continuing to review new opportunities to acquires businesses “which will offer volume and synergy benefits in the years to come”.