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THE British Frozen Food Federation (BFFF) is celebrating another strong performance by the fish sector.
The latest figures from TNS Retail show the that the growth trend in the market was continuing and it now stood at almost 117,000 tonnes a year - an increase of 6,000 tonnes in just 12 months. And despite talk of consumer spending cutbacks on the high street this year, this figure is likely to grow.
Brian Young, Director General of the BFFF said the two main frozen fish producers, Birds Eye with its new Omega 3 fish range and Young's, which is also launching Omega 3 fish products, have put in an outstanding performance.
He added: "The outlook for this sector continues to be very attractive with both Birds Eye and Young's investing heavily in promotional activity, new packaging, new species and new products."
Birds Eye now confidently expects very strong retail growth over the next 12 months. Chief Executive Martin Glenn told a fishing conference recently that the company, taken over by the private equity group Permira last year, now had a business with an annual turnover of 1.3 billion euros (around £1 billion sterling) and a sector leading profit margin of 10 per cent plus.
It had a 24 per cent share of the frozen fish market in Britain, and (through its European sister company Iglo) a 19 per cent share in Germany and a 68 per cent share in Austria.
In an announcement that is certain to please the BFFF, he said Birds Eye's UK fish sales should grow by nine per cent this year. Mr Glenn said his company's strategy for fish growth included lower costs, market investment, shared execution and consumer insights. He said fish sustainability was not yet a market driver issue with the public, but a recent survey showed that 84 per cent of those polled were either very or fairly concerned about the state of cod stocks.
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