Fisheries

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Fleet restructuring cuts profit in half for Samherji, P&P joint venture

UK Fisheries saw a 41 percent decrease in profits for the full year, 2018.

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In its 2018 results, Hull-based UK Fisheries -- a 50/50 Joint Venture of Icelandic fishing giant Samherji, and Dutch giant Parlevliet van der Plas (P&P) -- reported a profit of £7.78 million (€8.7 million/$9.6 million), a 41 percent decrease from 2017.

Turnover also decreased by 12 percent to £62.7 million (€70.4 million/$77.1 million), which the company cites is due to "restructuring [the] fishing fleet" and therefore "reducing the available available operational days for certain group vessels."

UK Fisheries also invested in building two new vessels, which incurred a cost of £26.4 million (€29.7 million/$32.5 million). Although turnover and net profit have decreased, the value of net assets has increased by 11 percent.

Key concerns for the company are competition in the market, as well as the "availability of fishing opportunities in the group's key areas of operation." The company is also closely monitoring the Brexit vote, although it does not expect that results to be "materially impacted by the political environment."

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