United Kingdom-based seafood processor Falfish halved its profit in the financial year to March 31, 2015, in part as a result of fair value adjustments on forward contracts.

The firm reported a profit for the year of £685,163 (€949,636/$1 million), which is a drop from £1.3 million (€1.8 million/$2 million) reported in the previous year.

Operating profit dropped 33 percent year-on-year from £1.5 million (€2.1 million/$2.3 million) to £1 million (€1.4 million/$1.5 million), according to the company's latest accounts.

Gross profit for the period amounted to £5.9