Young’s Seafood and Karro Food Group owner Sofina Foods Europe has delivered revenues of over £2bn and grown profits by over 50%.
Sales at the protein giant, part of Canada-based Sofina Foods, climbed by 5.6% to £2bn in the 53 weeks to 30 March 2024.
Meanwhile, EBITDA rose by 50.1% to £126.8m, according to Companies House accounts for UK 111 Ltd, which trades as Sofina Foods Europe.
The supplier’s performance was driven by “a focus on controllable costs”, with positive operating cashflow enabling the group to invest £16m in capital improvement projects across business operations.
The group said it was “well placed to deal with ongoing industry-wide challenges strong competitive pressures that characterise UK and European pork and seafood industries and is preparing for significant growth in the years to come under the ownership of Sofina”.
However, it also warned it continued to trade in a “very challenging” macro environment, with record high pig and elevated cod prices.
“Although pig prices have softened recently, they are still at historically record high prices. Cod prices are at high levels and utilities and transport also show no signs of weakening. Our relentless attention to continuous improvement and controlling the controllables remain our prime focus in continuing to mitigate cost increases.”
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