Grimsby seafood processor Flatfish saw sales more than double in 2020, as turnover topped £41 million.
It also returned to profit, transforming a £352,000 loss into earnings of £1.2 million as a major expansion and restructure kicked in.
Staff numbers soared from 65 to 111 in the elongated financial year that saw Japanese giant Nippon Suisan Kaisha Ltd (Nissui) take a majority stake in the business.
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Flatfish, still led by founder and chief executive Steve Stansfield, continues on a major capital investment roll-out, with processing, training and energy infrastructure all enhanced. He is eyeing continued growth.
In his strategic report, signed off earlier this month, Mr Stansfield said: “Following the acquisition of 75 per cent of the issued share capital by the Nissui group in 2019 the company has continued to develop its tier one retail relationships throughout 2020 and where possible, due to Covid-19 restrictions, its new product development.
“Following a significant investment in 2019 to increase capacity and efficiency, the company reported a turnaround in the last few months of 2019, which were not easily recognised in the reported loss for that year. However, the directors further reported that these demonstrable gains would continue in 2020 and beyond.
“As the group continues to develop a strategy, utilising core strengths within the company, the directors are pleased to report a profit before tax of £1.3 million - a year-on-year improvement of £1.6 million - in a year which has seen unprecedented challenges across all sectors.
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“Despite uncertainties heading into 2021, the directors continue to develop and pursue a strategy they are confident will continue to generate positive cash flows for the foreseeable future, in fact the company has already committed to further strategic capital investments that will further enhance the manufacturing capability and efficiency of the business going forward.
“The business is pursuing a strategy of strengthening current customer relationships whilst also exploring growth opportunities. The primary focus across the business is to drive the profitability of the business through cost efficiency, cost control and targeted investment. This will provide a platform of stable profitability, from which the business can grow.”
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Launched on the pontoon on Grimsby Docks in 1979, strong growth and a clear ambition saw it move off the port estate, taking on a former bakery site at Stirling Street in New Clee.
Completely overhauled, a neighbouring small industrial park was later added, massively enhancing the footprint.
The company is seen as an exemplar in the industry, a frequent award winner and regular port of call for visitors from the industry and government. It champions British species and fosters strong relationships across supply chains.
Proud of the achievements, Mr Stansfield said the "105 per cent growth and improved profitability has been achieved while also maintaining a really high level and commitment to sustainable sourcing," with the site running on 100 per cent renewable energy.
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This year saw parent company Nissui swoop for Hull whitefish specialist Three Oceans, having previously acquired another Grimsby-area firm, Caistor Seafoods, in 2017.
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