Young’s Seafood reported earnings before interest, taxes, depreciation and amortization (EBITDA) of £5.3 million (€6.2 million/$6.9 million) on Friday, a welcome upturn for the group.
The results show an improvement in sales compared with the first quarter of the year, and compared with the same period a year earlier.
“Sales wins and the actions we have taken to improve EBITDA have delivered year-on-year growth for this quarter,” said Bill Showalter, CEO of Young’s.
“We continue to be on track to deliver our medium term profitability target.”
The group reported a turnover of £131.6 million (€153.1 million/$171.4 million) in the quarter.
The results reflect improvements across both frozen and chilled sectors and a reduction of costs across the business, the company said.
“EBITDA is in growth, significantly ahead of the last quarter, as the turnaround actions we are taking deliver real progress,” Showalter said.
“Our brand remains the clear number one in both chilled and frozen markets, across multiple channels.”
In January, the company launched a fully integrated marketing campaign that included TV advertising, radio, digital and consumer PR campaigns, for which Young's has been shortlisted for the Drum Marketing Awards.
---
For more seafood news and updates, follow us on Facebook and Twitter or sign up for our daily newsletter
