German supplier followfood -- the owner of fast-growing seafood brand followfish -- reported a sales growth spurt of 40 percent in the first quarter of 2020 thanks to coronavirus-related stockpiling.

Earnings before interest and taxes (EBIT) were just over €2 million ($2.1 million), driven by followfish growing three times faster than the overall market, the company said.

In 2019, the food retailer reported record results with sales growing 20 percent to €60 million ($66 million).

The company expects total sales of €70 million ($77 million) this year.

Followfish has invested heavily in a carbon-neutral fish product it plans to launch as part of a company-wide target to become carbon-neutral by 2021.

As part of the initiative, followfish has upped its participation with non-profit organization Myclimate for tree planting. The company has partnered with Myclimate since 2016.

The supplier continues to work with retailers and independent stores to shape its portfolio, currently selling in German supermarket chains Rewe, Edeka and Tegut.

Finance

German seafood supplier followfood reports record sales growth spurt