Due to an increase in operating overhead, Kangamiut-owned UK processor Northcoast Seafoods experienced a dip in net profit in 2018, but turnover and operating profit remains strong.

The company reported a turnover of £147 million (€164.8 million/$181.2 million), up by 16 percent from the year prior, citing it is a significant improvement "despite ongoing difficulties within the global seafood sector."

Operating profit is also up by 24 percent to £3.8 million (€4.3 million/$4.7 million), despite profit for the financial year taking a small dip of 11 percent to £1.6 million (€1.8 million/$2 million).

During the year 2018, the company invested in a new 40,000 square meter factory in Grimsby and completed the move to the new facility earlier in 2019.

Aside from streamlining its current operations, the new facility increases production capacity and opens the possibility to expand operations, CEO Fridrik Mar Thorsteinsson told IntraFish during an earlier visit to the new site.