Fish farmer Dawnfresh Seafoods has reported a “disappointing” 2014 trading year after racking up pre-tax losses of £5.87 million, the Daily Record reports.
![http://www.dailyrecord.co.uk/business/company-results-forecasts/fish-farmer-dawnfresh-seafoods-reports-4940816]()
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The Unddingston, UK company, owned by magnate Alistair Salversen and his family, has reported turnover of £41.6 million for the 2014 year to March 30, which was slightly ahead of the £40.2 million reported for the 2013 year.
Dawnfresh Seafoods had also reported pre-tax losses of £5.1 million for the 2013 year.
In a chairman's statement in accounts now filed with Companies House, Salversen said while the 2014 results were “disappointing”, the figures do not “reflect the transformational improvements the company has made during the year”.
Salversen adds since the appointment of Andrew Cooksey as managing director in May 2013, the company has strengthened its team and improved products and customer relationships as part of a wider long-term growth plan.
This plan has been developed “with the aim of significantly increasing turnover in the next three years and earning a reasonable profit”.
The company notes it spent £2 million on new plant and equipment in the financial year, and secured planning consent for a new fish farm on Loch Etive, which the company said would see it meet customer demand for Scottish local trout in 2016.
Dawnfresh Seafoods also notes it also plans to develop its brand globally from the recent launch of its online shop.
The company also notes it lost out in a bid to acquire a “substantial seafood business”, believed to be the Meridian Salmon farms formerly owned by Marine Harvest and Morpol, which were subsequently sold to Cooke Aquaculture.
Dawnfresh Seafoods has booked £350,000 in one-off costs related to its unsuccessful bid.
The company notes the Salversen family provided £5.5 million to support the capital investment programme in the 2014 year.
Subsequent to the year end, the Salversen family subscribed for a further £11 million ordinary shares, which went towards paying off director loans and strengthen the balance sheet.
The company employed on average 438 people in the 2014 financial year.
Read more HERE.
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