Processing
Sykes Seafood sales soar, but inflation eats into profits
Sykes Seafood has reported a £100m plus rise in turnover in the last financial year. But inflation meant that profits fell sharply for the UK-based company during the period ended 1 April 2023, Based in Warrington, Cheshire, Sykes is now one of the UK’s largest seafood companies, supplying a wide range of farmed and wild…
Read MoreHilton says seafood turnaround contributed to revenue growth
A strong performance by its UK seafood subsidiary contributed to a successful 2023, according to multinational producer Hilton Food Group. In its trading update for the 52 weeks ending 31 December 2023, Hilton said it expects to report revenue for the year in line with the board’s expectations. Hilton also said: “Trading during the key…
Read MoreLerøy products in second listeria scare
The Lerøy Seafood Company has been hit by two listeria scares involving salmon products, with outbreaks in Norway and Sweden. In the most recent, Lerøy’s salmon and game supply arm Laks & Vilt (Salmon & Game) in Oslo is withdrawing a batch of salmon gravlax with a latest consumption date of 8 December. The reason…
Read MoreArctic Fish opens new slaughterhouse
Arctic Fish’s new slaughterhouse in the north-west of Iceland opened last week in a ceremony watched by a crowd of more than 500 people. The Mayor of Bolungarvik, Jón Páll Hreinsson described the facility which is based near Drimla as “world-class”. He told the regional website bb.is it was one of the biggest investments in business…
Read MoreYoung’s profits hit by inflation
Inflation took a big chunk out of the profits of Young’s Seafood last year, the company’s latest accounts show. Turnover increased substantially during the 52 week period ended 27 March 2023, with Young’s recording £625.9m, compared with £552m for the equivalent period in 2022 (although the latter covered just 51 weeks). Profit after tax, however, was just £4.7m against…
Read MoreMarel rejects US takeover attempt
Icelandic seafood and food equipment manufacturer Marel has rejected takeover overtures from the US business John Bean Technologies (JBT). The Chicago-based company had offered to buy Marel for around US $2.6 billion (about £2bn) – or around $3.40 per share (£2.68). The Marel board has not ruled out accepting a better offer in future, however.…
Read MoreBakkafrost lays off 140 processing staff
Bakkafrost is laying off 140 factory processing staff in the Faroe Islands, blaming the local tax regime and changing business conditions for the decision. According to the radio station Kvf.fo, a church minister and a psychologist were present when the redundancies were announced at the company’s Glyvrar headquarters. Kvf said the atmosphere in the room…
Read MoreHigh salmon prices will continue into 2024 – Bakkafrost chief
Bakkafrost CEO Regin Jacobsen remains in positive mood despite various challenges at its Scottish and Faroe Island farming operations. He told shareholders in the company’s third quarter report yesterday that the supply growth was likely to remain low for the coming quarters. “The Chinese market has gained momentum and we have also increased our market…
Read MoreCooke’s deal to buy Nueva Pescanova falls through
Canadian-owned seafood group Cooke has pulled out of a deal to acquire Spanish processing and fisheries business Nueva Pescanova. The Spanish group’s bank and owner, ABANCA, announced yesterday that the talks had ended by mutual consent. ABANCA said: “After a few months of negotiations in the search for an industrial partner, ABANCA has decided to…
Read MoreLerøy expecting lower Q3 harvest
Lerøy Seafood slaughtered 2,300 tonnes less salmon during the third quarter this year, a trading update from the company reveals. The June to September harvest totalled 53,900 tonnes against 56,200 tonnes during the same period last year. The figures are for Norway only and do not include production from Scottish Sea Farms, in which it…
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