UK fish trader and processor New England Seafood this week reported weaker results in 2018 due to major investments, restructuring costs, and a slowdown in sales towards the end of the year.

Operating profit before exceptional items and amortization fell 6.6 percent to £5.6 million (€6.1 million/$6.8 million) over the period, while operating profit fell 27.3 percent, to £3.2 million (€3.4/$3.87 million).

Sales rose by 2.2 percent, reaching £154.8 million (€167.5/$187.5 million) over the period.

Despite the weaker results, the company is satisfied with its performance.

“We are pleased with the results for the year, particularly as the last quarter began to see the effects of the slowdown in consumer spending, as evidenced by the challenging trading conditions on the UK high street,” the company said.

In 2018, New England Seafood invested £800,000 (€867,000/$969,000) in its Grimsby facility, which it added to its assets with the acquisition of Albert Darnell Group in 2016.

“Our Grimsby facility contributed positively to the group results for the year, our plans for the site are proceeding well and further investment delivered additional capacity, which will be utilized by our customers.”

New England Seafood is also focusing on building its branded fish offering, and on mitigating the impact of the “tightening of the foodservice market” that began toward the end of the year.

“We are continuing to invest in our operations and recently established capacity to put the company in a strong position to grow our own chosen species and to take advantage of the consolidation going in our industry.”

In 2018, New England Seafood carried out a reconfiguration of its management structure, too, in order to control costs and gain efficiency in its operations.

Finance

New England Seafood 'pleased' with 2018 despite market challenges