Northcoast Seafoods sets itself up for strong 2021 as 海角视频 focus emerges from major restructure of 拢148m firm

Danish subsidiary sold and long-term backers bought out after move to new Grimsby base completed

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David LaisterBusiness Editor (Humber)

16:03, 1 OCT 2021

Northcoast Seafoods launched with a Canadian prawn specialism 21 years ago. (Image: Getty Images)

Grimsby鈥檚 Northcoast Seafoods Ltd increased 海角视频 sales by almost 20 per cent in a year that saw major restructuring across the business.

Founder Fridrik Mar Thorsteinsson bought out his Danish backers and disposed of a Scandinavian subsidiary, with a huge focus now on the recent addition of Ambassador Seafoods and new build base at the entrance to the town.

Domestic revenues surged from 拢94 million to 拢112.5 million, with overseas trade dipping from 拢52.3 million to 拢35.6 million following the sale in October 2020, with two months of the financial period to run.

Operating profits were up from 拢376,600 to 拢979,381 for the prawn and whitefish specialist.

Following the significant changes, Northcoast now anticipates to 鈥渆nhance its position within the seafood sector in 2021鈥�.

In his strategic report accompanying the results for the calendar-aligned year, finance and managing director Adrian Crookes, said: 鈥�2020 turnover reflected continued growth in the 海角视频 which increased year on year by 18 per cent, but was offset by declining sales in Northcoast Denmark and Northcoast Denmark鈥檚 subsequent disposal.

鈥�2020 also reflected the second full year of ownership of underperforming Ambassador Seafoods which is undergoing a turnaround project and as expected, this acquisition has had a short-term adverse impact on 2020 profitability which is expected to be resolved in 2021 when the turnaround will be concluded.鈥�

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Ambassador, previously operated from neighbouring Stallingborough - with processing completed there on Northcoast鈥檚 behalf - was moved to South Humberside Industrial Estate, with a former industrial unit completely overhauled to a British Retail Consortium AA standard facility. Offices also switched to the site from Europarc.

鈥淎s with many food manufacturing businesses in the 海角视频, the uncertainty around Brexit drove increased storage costs and fluctuations in currency,鈥� Mr Crookes continued, adding: 鈥淭he group continues to adapt to challenging trading conditions and expects to enhance its position within the seafood sector in 2021.

He said the company is committed to 鈥渋ncreasing the number of permanent employees each year as the business grows.鈥�

Turnover in total for the 112-strong team was up slightly on 2019鈥檚拢146.4 million to 拢148.1 million, with 拢35.5 million attributed to the disposal of Northcoast Denmark.

Launched by Mr Thorsteinsson as a sole trader in 鈥渁 little shed on Grimsby Docks鈥� so he was close to the seafood cluster鈥檚 heart and the concentration of cold storage, his academic knowledge of the Canadian prawn market was immediately put into commercial operations.

The Icelandic national secured the backing of Kangamuit Holdings soon after, and it has built up from initial trading to supplying retail, business-to-business and foodservice sectors. It sources from four main locations; Canada - the launchpad, as well as China, Iceland and Vietnam.