Grimsby, U.K.-based Northcoast Seafoods posted an operating profit in FY 2023, after posting a loss in FY 2022.
According to its submission to the U.K. Companies House, Northcoast achieved GBP 120.3 million (USD 157.8 million, EUR 142.5 million) in revenue in FY 2023, up from GBP 118.1 million (USD 154.9 million, EUR 139.9 million) in FY 2022. Alongside increased revenue came reduced cost of sales, dropping from GBP 109.8 million (USD 144 million, EUR 130 million) in FY 2022 to GBP 107.4 million (USD 140.9 million, EUR 127.3 million) in FY 2023.
The increased revenue and decreased costs boosted the company’s gross profit, which reached GBP 12.9 million (USD 16.9 million, EUR 15.3 million) in FY 2023, up from GBP 8.3 million (USD 10.9 million, EUR 9.8 million) in FY 2022. The overall result was an operating profit of GBP 4.6 million (USD 6 million, EUR 5.5 million), up from the loss of GBP 315,000 (USD 413,000 EUR 373,000) it faced in FY 2022.
“The underlying trading has made a satisfactory improvement on 2022, which was a challenging year for U.K. food manufacturers,” the company said.
In its 2022 results, Northcoast Seafoods said it was impacted by high logistics costs in the first three quarters of the year, which it attributed to the impacts of Covid-19 as well as the Ukraine war. Increased raw material costs – also a result of the war – contributed as well.
“The underlying year-on-year improvement in profitability reflects the reduction in global shipping costs, which spiked during the coronavirus epidemic, the passing on of raw material inflation to customers, and tight control of internal costs,” Northcoast Seafoods said of its improved FY 2023 results.
The company also said that its FY 2022 results carry some exceptional items associated with its acquisition by Seafood Connection, a subsidiary of Maruha Nichiro, in May 2022.
Northcoast specializes in coldwater shrimp and whitefish sourced from Canada, China, Iceland, and Vietnam.
