º£½ÇÊÓÆµ

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Retail & Consumer

Family fish giant Sykes Seafood in healthy place ahead of 'another year of change'

The business secured a £9m Covid-19 loan from the Government in August 2020

Sykes Seafood has published its latest financial results

The finances of family-run Sykes Seafood, which was founded in 1862, are in a healthy place ahead of "another year of change".

The company has reported a turnover of £136.5m for the 15 months to March 28, 2020, while its pre-tax profits totalled £4.5m.

Those figures compare to a turnover of £104.4m and profits of £3.4m in the 12 months to December 29, 2018.

The business, which has bases in Knutsford and Liverpool, secured a £9m Covid-19 loan from the Government in August 2020 and also accessed the furlough scheme.

The figures come after the company completed the €300m acquisition of Dutch Seafood Company's shrimp business Klaas Puul in March 2021.

A statement signed off by the board said: "This has been another successful period for the gorup, which represented a continuation of a five-year strategic plan aimed at growing turnover, EBITDA and implementing steps to reduce the group's on-going operational cost base.

"The increase in the results is due to reducing the sales of less profitable lines and the impact of an improved GBP/USD rate, which is one of the company's principal risks."

On the Covid-19 pandemic, the company added: "The group's mix of customers has provided some security post period-end, with a greater focus on retail customers who continue to trade strongly albeit at a lower margin.