The acquisition of a major UK seafood supplier helped Hull-based fish firm Seagold reel in increased turnover in 2018.
Seagold, which was established in 1996 as the UK marketing arm for Icelandic firm Samherji, completed the purchase of Collins Seafoods in July last year.
The acquisition, which hopes to help Seagold break into new markets across the UK and Ireland, helped the fish seller and processor hit turnover of £144.5m in 2018 – up from £121.6m the previous year.
Gustaf Baldvinsson, managing director at Seagold, said: “Sales continue to grow in the UK with prices increasing during the year.
“The move to larger premises during 2017 has enabled subsidiary company Ice Fresh Seafood Ltd to increase turnover to £14.7m. The move has brought about increased product range, production efficiencies and subsequent cost savings…
“On July 2, 2018, the group acquired Collins Seafood and its subsidiary companies. The acquisition is a strategic move into the wider seafood markets in the UK and Ireland.”
Seagold said since the acquisition of Collins Seafood, turnover had risen by over £30m, and profits after taxes were up £1m.
The business, headquartered in Hessle, was established in 1996 as the UK’s marketing arm for Samherji hf. selling frozen at sea fillets under the Ice Fresh brand.
As well as selling Samherji products, Seagold also sells from vessels operating out of Faroe Islands, England, Scotland, Poland and Germany.
“The operation in France through the Ice Fresh Seafood subsidiary continues to establish itself in the marketplace,” Mr Baldvinsson said.
“Sales have increased to £40.3m during the year, and the directors consider that these results will continue to improve over the coming year.”
Profits before tax at Seagold rose from £1.1m in 2017 to £1.7m, with operating profits also passing the £1m mark.
Looking ahead, directors at Seagold said while Brexit uncertainty posed a challenge, the business was “well-placed to respond.”
They said: “The key business risks affecting the group are considered to relate to competitive pressures on sourcing products and market risks in the group’s areas of operation.
“The wider group has diversified its supply chain so as to ensure a constant supply of fish into Seagold for distribution.”
Seagold started selling frozen at sea fillets within the UK but with rapid growth, operations have diversified.
Now the sales also include frozen and fresh products in UK, France, Belgium, Germany, USA, Poland and Greece with customers covering wholesale, retail and processing sectors.
Much of the wholesale side of the business supports the country’s fish and chip trade.
