Seafood importer, processor and distributor New England Seafood International Ltd. (NESI), based in Chessington, Surrey, Uk., saw a slight decline in profits last year, while the business environment is becoming increasingly challenging.
As of October 31, 2019, the Company's operating profit, excluding special items and amortization, was slightly above £5 million ($6.4 million, €5.5 million), down from nearly £5.7 million ($7.3 million, €6.3 million) in the past 12 months.
According to its recently released Group Strategy Report, NESI's profit for the current financial year was less than £1.3 million (US$1.7 million, EUR 1.4 million), compared to approximately £2.5 million (US$3.2 million, EUR 2.7 million) in 2018. At the same time, its total turnover increased from £154.9 million (US$199.3 million, €170.1 million) to £116.1 million (US$207.3 million, €176.9 million).
The company said he was pleased with the performance of the year due to the challenging terms of trade in the UK, particularly in the first quarter, when promotional volumes declined as customers reacted to tight consumer spending.
"Since then, we have recovered a steady recovery in managing our portfolio and worked hard to successfully improve efficiency and the way we work. As a result, we have been profitable for two consecutive quarters. ”
NESI highlighted "tremendous progress" in developing the plant and team in Grimsby, with retailer Asda launching a full line of white salmon products in January 2019 and with the Co-op Group in May.
These customers recognize the importance of fish buying consumers to building a business. This reinforces our strategic positioning in the market and we believe that UK consumers want to buy quality white fish that is both irritating and appetizing. ”
The company also exited its foodservice business operated at the Grimsby plant. This mainly serves fish and chip shops as well as independent food service outlets. It was sold to Janes and Sons (Grimsby) Ltd.
At the same time, its factory in Chessington continues to develop products for the retail and foodservice segments.