Partner Article

Seafood empire swins back into the black

SEAFOOD processor and ­supplier Cumbrian Seafoods has turned a £5.7m loss into a £2.3m profit after taxation over the past year after intensifying its focus on its core domestic business.

The Seaham-based company, which supplies chilled seafood to the major multiples, posted a £155.5m turnover for the year to 28 March, up from £146.1m, according to results filed at Companies House this week.

Its operating profit was £3.3m, compared with a loss of £3.6m in 2009. Much of the success was down to its UK business, which saw turnover increase from £141m to £153.4m, while its sales for its European business fell from £5m to £2.1m.

The company said it had benefited from a recent ­reorganisation of its manufacturing facilities, which had cut overheads, and a new focus on operational control and staff development.

“The company is now well positioned to achieve profitable growth,” a company statement said.

Following the reorganisation, Cumbrian Seafoods had 719 employees at the end of March, down from 749 a year earlier. In August 2009, the company sold smoked salmon arm Grants Smoked Foods.

This was posted in Bdaily's Members' News section by Ruth Mitchell .