Young’s posts growth as it continues search for buyer
The company increased turnover by 2.6% to £135.3m for the three months to 30 June 2018.
Earnings for the quarter were £6.7m before interest, taxes, depreciation and amortisation. This represented growth of 29% year-on-year, up from £5.2m for the third quarter of 2017.
Young’s chief executive Bill Showalter said the company was able to deliver earnings growth year-on-year and quarter-on-quarter despite a challenging market.
“This has been driven by sales progress, underpinned by cost reduction actions,” he added. “The plans we have put in place to deliver our medium-term outlook are well underway and we are on track to meet our targets.
‘Driving exports’
“Driving exports is a key pillar of our strategic growth plan and our success in the US market demonstrates the potential to grow sales outside the UK, where Young’s Seafood is the number one fish and seafood brand.”
Young’s also confirmed that the process of finding a buyer for the business, which began in the second quarter of this year, was still ongoing. The company is currently jointly owned by Lion Capital, Bain Capital and HPS Investment Partners.
Last week, the seafood processer was reported to be caught up in a three-way bidding war, which valued the company at about £200m.
Young’s former owner CapVest, UK Fisheries and Mitsubishi are all understood to be in the running to acquire the Grimsby-based producer, with a sale expected to be completed by next month.
Worth £200m
The sale was expected to clock in at between £170m and £200m, according to The Telegraph, but the timetable and bidders could be subject to change.
Meanwhile, last month, support was offered to staff facing redundancy at the Young’s-owned Pinneys of Scotland plant in Annan, which is due to close at the end of the year.
The 450 people affected had the opportunity to visit a jobs fair attended by local employers seeking staff, as well as see the benefit of grant money awarded to the council.
