Spanish fishing, aquaculture and seafood processing giant Nueva Pescanova doubled its annual operating earnings, lifted by strength in markets outside of its home country and cost control.

The Vigo-based group posted earnings before, interest, taxes, depreciation and amortization (EBITDA) of €80 million ($85.6 million) for the financial year ended March 31.

Revenue, meanwhile, increased 21 percent from a year earlier to just under €1.1 billion ($1.2 billion), helped by a rise in sales of shrimp and cephalopods.

Compared to the pre-pandemic year of 2019, sales were up 4.4 percent.

While retail, wholesale and foodservice business exceeded pre-pandemic levels, the company highlighted strong results in Portugal, France, Greece and the United States.

The outlook for the company's financial future is bright following the takeover by Spanish bank Abanca, and marks the end of a long journey to reshape the company, according to CEO Ignacio Gonzalez.

Early last year, Abanca capitalized all bankruptcy debt in Nueva Pescanova after taking a 97 percent stake in the company, setting that stage for the company to grow, Gonzalez told IntraFish in an interview at the recent Seafood Expo Global trade fair in Barcelona.

The executive is now upbeat about the company's prospects and said its financial woes have been consigned to the past.

However, Gonzalez conceded that the outlook for growth this year is complicated by current high inflationary pressures seen across the world.

Nueva Pescanova employs more than 10,000 people in 19 countries across four continents.