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UK seafood processor hopes Marks & Spencer deal will lead to turnaround
Company expects contract with M&S will improve results.
UK-based whitefish processor Five Star Fish reported a loss of £4.2 million (€5 million/$5.4 million) in the full year of 2016, in part the result of a contract loss, the group said.
Sales for the full year came to £51.9 million (€62.1 million/$66.6 million), 2.3 percent down from the £53.2 million (€63.7 million/$68.2 million) reported in 2015.
“The company expects some reversal of this decline in the coming period due to winning a new contract with a major retailer,” it said in its financial report.
The company said there were exceptional costs amounting to £333,000 (€398,644/$427,102) during the year that related to the restructuring process aimed at reducing the firm’s cost base and improving its operational margins going forward.