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).
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.
