UK tinned fish brand John West has reported a 45.7% reduction in gross profits from 2022 for the year ending 31st December 2023.
John West said the decrease in gross profit was “linked to the strategic decision not to pass all the inflation on linked to the global commodity increases to protect customer numbers and market share”. Its profits fell from £22.6 million in 2022 to £12.2 million in 2023.
The company also achieved a yearly turnover of £134.5 million, up from the 2022 result of £128.2 million. This was a 4.9% increase on the year, with John West stating that the result was “linked to recovering some of the global increases seen across 2023”.
John West reported £76 million in assets at the end of 2022, falling to £58.4 million in 2023.
“The company continues to focus on being a leading supplier of canned fish in several companies,” said John West in its report. “Its core market in the UK remains strong and the company continues to maintain strong shares in its key categories. Future developments may include additions to product ranges and entry, where appropriate, into new food market sectors.”
