Coated seafood brand Whitby Seafoods has released its results for the year ended 31st December 2023, reporting that it faced “exceptional costs” following its aborted acquisition of Kilhorne Bay Seafoods Limited.
In 2023, Whitby Seafoods reported a total operating profit of £3.2 million, up from the 2022 figure of £3 million. Its profit before tax totalled £1.5 million, a decrease from £2.3 million in 2022.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) were £5 million, up slightly from the 2022 rate of £4.9 million.
Whitby Seafoods said that “exceptional costs in 2023 had related to an impairment against the carrying value of two investments in limited liability partnerships and aborted acquisition costs relating to fees incurred on the acquisition of Kilhorne Bay Seafoods Limited”. The acquisition was halted following an announcement from the Competition and Markets Authority (CMA) in October 2023.
Whitby said that during this period, the company’s sales in foodservice were “impacted by the tough trading environment” faced by the out of home sector as a whole.
It was highlighted by Whitby that the brand showed “good performance” in retail, with Kantar data showing 2.2% value growth and 8.7% volume growth in the 52 weeks ending April 2024. It said that penetration of the Whitby brand grew by 19.6% in this period, with 422,000 new shoppers buying into the brand.
Whitby Seafoods managing director, Daniel Whittle, said: “Whitby Seafoods has taken significant steps to improve the viability of UK scampi and our recent initiatives demonstrate the positive direction we are heading in.
“As an independent family-owned company we’re deeply committed to the sustainability of our waters, and we’re working hard to make sure that responsible fishing practices help scampi remain a firm favourite on the tables of UK families for generations to come.”
