Profits at Whitby Seafoods took a hit in 2023 from its aborted attempt to buy Kilhorne Bay Seafoods, which was blocked by the CMA.
Turnover at the scampi giant rose from £65.6m to £67.4m and operating profit increased from £3m to £3.5m for the year to 31 December 2023.
Meanwhile, EBITDA remained broadly the same at £5m.
However, its annual report and accounts, posted with Companies House, highlighted exceptional costs related to the Kilhorne Bay deal, which contributed to a halving of its total profit for the year to £1.1m compared to the £2.2m the year before.
The CMA blocked the acquisition due to fears it could result in a “substantial lessening of competition”.
The group continues to look for opportunities to expand its service, the accounts outlined.
Whitby also said tough trading environments faced by the out-of-home sector in general had impacted foodservice sales in the period.
It added it is working to mitigate the impacts of inflation within its supply chain and work with the challenges of Brexit.
“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,” said Daniel Whittle, Whitby Seafoods MD.
“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.”
The accounts outlined the future purchase in April 2024 of a Northern Ireland-based fishing boat The Golden Ray. The investment was to enable fishing trials including work on gear selectivity devices, catch handling innovation and more efficient propulsion.
The brand said the acquisition showed its commitment to provide on-the-water solutions to further improve the welfare of fishers and the sustainability of scampi.
The group has also been co-ordinating a cross-industry agreement to move to an In-Transition to MSC fishery improvement scheme, to gain MSC accreditation for scampi caught in the waters around the British Isles.
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