Scottish-based International Fish Canners (IFC) was in the red during the latest financial year, after digesting losses from its subsidiaries, according to the company's latest annual report.

Operating losses reached £126,000 (€148,000/$166,000) in the financial year ending March 31, 2019, from a profit of £460,000 (€541,000/$605,000) the year prior.

IFC completed its acquisition of UK-based seafood processor Nolan Seafoods in 2019, which enlarged the company's portfolio of products it offers. IFC first bought a 75 percent stake in Nolan Seafoods in 2017.