Grimsby seafood processor Flatfish has maintained its heightened turnover levels after a period of rapid growth in new ownership.
Having doubled sales in 2020 from £20.3 million to £41.7 million as a major expansion kicked in with Japanese industry leader Nissui installed as majority shareholder, 2021 brought in £40.8 million - a shade under the record results, though margins were squeezed. While sales fell back 2 per cent, earnings took a 62 per cent hit from £1.2 million to £499,000.
In the strategic report accompanying the results, Richard Stansfield, a director alongside his brother and founder, Steven Stansfield, said the company has continued to develop its tier one retail relationships and new product development throughout 2021, describing it as a year that saw “numerous fluctuations in government policy caused by the pandemic”.
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He said: “Despite the uncertainties in 2021, the directors continue to develop and pursue a strategy they are confident will continue to generate positive cash flows.
“The business is pursuing a strategy of strengthening current customer relationships whilst also exploring growth opportunities. The primary focus across the business is to drive the profitability of the business through cost efficiency, cost control and targeted investment. This will provide a platform of stable profitability, from which the business can grow.”
A further 21 employees joined the Stirling Street firm, swelling numbers to 132 - now more than double the team in place before the late 2019 acquisition of a business that launched from a stall on the old Grimsby Fish Docks pontoon in 1979.
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