County Durham fish supplier Collins Seafoods Limited has seen its turnover jump as customers returned following the pandemic.
The Newton Aycliffe-based business, which has been supplying frozen fish for more than 30 years, has published accounts for 2021 showing that turnover rose from £41.7m to £45.8m, with operating profit also jumping from £365,382 a year earlier to £1.027m. Pre-tax profit also almost trebled, from £351,608 to £1.021m.
Total comprehensive income at the firm was £828,889, up from £281,810 and shareholder funds also increased from £8.7m to £9.6m. Speaking in the company’s accounts, director Gustaf Baldvinsson said the firm changed its name during the year from Collins (Seafoods) Limited to Collins Seafoods North East Limited as part of a re-branding exercise across the Collins Seafoods group, aimed at further enhancing the company’s existing strong reputation.
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He said: “The company has continued to trade profitably in the year. The directors consider that this trend will continue in the current year and that the financial position of the company is satisfactory.
“Revenue for the year of £45.8m is an increase of £4.1m, approximately 10%, and is driven by the market returning to a level of normality following the significant disruption to trade caused by the Covid-19 pandemic. As a result of the improved trading conditions, gross margin has returned to pre-Covid-19 pandemic levels whilst the company’s overhead cost base has remained largely static.
“Whilst the economic recovery from the Covid-19 pandemic cannot be predicted, the directors are confident that the company is well placed to react to changes in the trading environment, including potential risks and opportunities presented by the United Kingdom leaving the European Union. A subsidiary company, Collins Seafoods Ireland Limited, was incorporated in the year to 31 December 2021 to continue to seamlessly service the company’s Irish customers post-Brexit.”
Mr Baldvinsson’s report adds that the wider group has diversified its supply chain to ensure a constant supply of fish into the North East firm for resale.
