The Young’s brand, in both the frozen and chilled categories, was now worth more than £230M, the firm’s boss Pete Ward claimed.
“We are pleased to report sales growth and progress in EBITDA (earnings before interest, taxes, depreciation, and amortisation) and operating profit in challenging market conditions,” he said.
“Young’s solid performance reflects strong sales across our portfolio, manufacturing excellence and the success of our change and cost management programmes.”
Results for the year ending September 30 2014
- Operating profit up to £25.2M from £20.4M in 2013 (24%)
- Turnover up to £595.6M from £582.7M in 2013 (2%)
- EBITDA up to £36.5M from £31.8M in 2013 (15%)
Profit growth continued to be underpinned by strong cost management and operational efficiency, which also improved gross margins, alongside modest sales growth, Ward added.
The Grimsby-based seafood manufacturer would continue to focus on customer service, the development of its close partnerships with its key customers and suppliers, food integrity, ethical supply chains and insight driven innovation, Ward said.
“With TV and multi-channel advertising supporting our new product launches and the development of our master brand we are optimistic for the coming year,” he added. “Despite the challenging retail environment, our outlook for 2015 remains positive.”
Last month, the firm celebrated the 30th anniversary of its Young’s Chip Shop brand with a new television advert featuring its brand ambassador ‘Malcolm the Cat’.
Voiced by Rupert Everett, Malcom is a ‘discerning foodie cat’ who yearns for the delicious Young’s fish served up by his family. Watch the advert at the bottom of this article.
In January, the firm launched its Gastro brand into the frozen natural fish category for the first time, providing individually wrapped portions of fish in a ‘flavour-lock’ pouch.
The easy-open scallop edge carton and fishmonger-style sauce portion are ready to microwave or oven bake.
Ward joined Young’s as ceo in January after the previous incumbent Leendert den Hollander left to join Coca-Cola Enterprises.