The UK fishing fleet posted turnover of £1 billion (€1.1 billion/$1.2 billion) for the second successive year, although profits were dampened by fuel costs, weather and political events, UK seafood trade association Seafish reports.
Operating costs for the UK fishing fleet increased by 2 percent in 2018 to £759 million (€839.2 million/$930.1 million).
The sector saw a total operating profit of £268 million (€296.3 million/$328.4 million), 4 percent lower than in the previous year as fuel costs rose 19 percent to 50p (€0.55/$0.61) per litre.
Inclement weather conditions, including the “Beast from the East” cold front early in the year, caused a 5 percent reduction in the number of days at sea.
The UK fishing fleet is especially diverse. The fishing income of 14 fleet segments increased in 2018 compared with 2017 at the same time the income of 13 segments decreased.
As in previous years, the pelagic sector was particularly important in driving the overall performance of the UK fleet.
“In the light of increasing operating costs and various factors largely beyond the control of the industry, these figures represent another solid year for the UK fishing fleet,” Seafish Economics Project Manager Steve Lawrence said.