Young's Seafood has reported a boost in growth thanks to improving sales in its chilled foods section.
The company recorded a 21 per cent increase in sales in the chilled food category over the past 12 months and is eyeing expansion of its current range. It wants to boost innovation during 2015 with the launch of some products that will really capture the imagination of its customer base and put it ahead of its competitors.
Young's latest boost in sales has helped it reach a company valuation of £50 million and now it wants to build on this success. Officials noted that this latest increase has been helped by the popularity of its coated fish and Funky Fish Kitchen range. This goes alongside its 300g, 460g and 600g chilled Breaded Fish Fillet lines which now boasts a value of £24 million.
The Grimsby-based firm has also enjoyed a rise in its branded surimi category, seafood sticks. This has been a particular triumph for the company after it spent a considerable amount of time developing the products. It changed its approach from using threadfin bream to Alaska pollock caught in Marine Stewardship Council certified fisheries and it has struck a chord with its customers.
Peter Ward, deputy chief executive of Young's Seafood, said: "People choose Young's Seafood for our great tasting fish dishes, innovation and for our seafood and sustainability expertise – it is fish you'll love from the people who love fish.
"There is significant scope for growth for the Young's brand in chilled, and we have a pipeline of exciting new innovation for 2015."
The performance of the UK's fishing sector had been cause for concern following Russia's decision to impose a food embargo against all countries which had issued sanctions against it. Many companies within the fishing community were worried that there could be job losses as Russia spends around £17 million on frozen fish, according to the Scottish Pelagic Fishermen's Association.