Scottish seafood processor sees revenue, profits fall in 2013

Aberdeen-based value-added seafood processor Joseph Robertson saw its earnings take a hit in 2013, with both revenue and profits down over the year.

However, the company said the results were “satisfactory” and it was confident about the future.

Annual accounts for the company showed turnover in 2013 was nearly £18 million (€22.8 million/$29 million), down 12 percent from the £20.4 million (€25.8 million/$32.9 million) it reported in 2012.

Gross profit fell to £1.9 million (€2.4 million/$3 million) down 5.5 percent from £1.98 million (€2.5 million/$3.2 million) in 2012, while the company posted an operating loss of £15,000 (€18,985/$24,199) in 2013 down 123 percent from an operating profit of £65,000 (€82,269/$104,861) a year earlier.

Profit after tax was £21,000 (€26,579/$33,878) in 2013, down 36 percent from £33,000 (€41,767/$53,237) the year prior.

“The 12 percent drop in turnover reflects a contraction of a number of major accounts,” the company said in its report.

“Following strategic realignment customers now number several major retailers and a single foodservice partner," the company wrote. "[We have] a number of significant opportunities and management expects the turnover to increase in the following years.”

The processor’s gross margin for the year was 10.5 percent, up from 9.7 percent in 2012, reflecting in part new IT systems and inventory control.

For 2014, the directors said they are confident of the prospects of the business, with the development and extension of the customer base and product range continuing to be key strategic objectives.

“The directors regard continuing focus on this area as a prerequisite for success in both the medium and long term," the directors wrote.

The company paid a dividend of £48,791 (€61,753/$78,712) in 2013 compared with £15,000 (€18,985/$24,199) in 2012.

Joseph Robertson specializes in value-added seafood products for both retail and foodservice, including breaded and coated products, fishcakes, pastry products and fish stuffed and topped with sauce and crustings.

For the UK foodservice market, the company has a strategic partnership with Brakes Group, where it helps to develop its own label range.

Joseph Robertson has also developed a range of interests in the retail, multiple frozen and chilled markets in the UK.

Starting in earnest in 1999, the company moved into the retail sector and bought the intellectual property rights to the Swankie Scottish Fish Brand.

Swankies has always been well distributed throughout the major multiple retailers in Scotland and can today be found in ASDA, Tesco, Sainsbury's, Morrison's and a number of Spar and neighborhood stores in the Scottish region.

The company is the leading supplier to The Co-operative Group.