Sykes Seafood’s sales jump by £100m as headcount grows – but profits narrow

Turnover leapt by more than ₤ 100m at Sykes Seafood throughout its newest fiscal year while its headcount likewise surged.

The business, which is headquartered in Warrington, Cheshire, has actually reported a turnover of ₤ 251.5 m for the 12 months to April 1, 2023, up from ₤ 150m.

Newly-filed files with Companies House Reveal that the typical number of individuals utilized by Sykes Seafood increased from 269 to 363 throughout the year.

Sykes Seafood included that “inflationary pressures and increased interest rates” resulted in its pre-tax revenues falling from ₤ 5m to ₤ 1.4 m.

In January 2023, Sykes Seafood obtained The Big Prawn Co in a pre-pack offer out of administration in a relocation that conserved 120 tasks. Towards the end of the year, the group revealed strategies to close its Norfolk factory.

In April in 2015, Sykes Seafood opened its ₤ 35m circulation centre and head workplace in Warrington.

Inflation and rates of interest struck earnings

A declaration signed off by the board stated: “The business has actually grown considerably in the year, both naturally and through acquisition.

“The year take advantage of the full-year result of the Ruskim Seafood acquisition in October 2021 and the acquisition of The Big Prawn Co in January 2023.

“The operations of the gotten entities have actually achieved success incorporate into the Sykes company post-year end and our circulation network combined into our brand-new function constructed, modern UK circulation center in Warrington.

“Underlying EBITDA has actually increased 42%, nevertheless, inflationary pressures and increased rates of interest have actually reduced documented earnings before tax.

“The business continues to keep track of and thoroughly browse the volatility in the worldwide financial and political environment and all aspects that might affect the business in order to take timely mitigating actions if needed.”

‘Significant development and success’

On its future outlook, Sykes Seafood included: “The directors intend to preserve the method and policies which have actually led to the business and broader group’s development and success in the last few years.

“The directors think that the business is well put in regards to tactical and market position to increase its capability to produce sales and please consumer need.

“Consolidating operations into the brand-new modern circulation centre in Warrington places the business for substantial development and success.”