Young’s revenue soars, company relaunches ‘Masters of Fish’ marketing campaign

Thanks in part to increased consumer demand for value-added frozen seafood meals during the COVID-19 pandemic, sales of Young’s Seafood, based in Grimsby, UK, have soared over the past the last year.

Innovative product launches, a successful “Masters of Fish” marketing campaign and a new owner who helped the supplier improve efficiency also contributed to the increase in revenue and profit, the company said.

The supplier posted revenue of £597m ($809m, €715m) for its fiscal year ending April 2021, while its operating profit soared to 29.8 million pounds (40 million dollars, 37 million euros).

This was the first full financial year for Young’s under the ownership of Element UK TOPCO Limited (trading as Eight Fifty Food Group), controlled by CapVest Partners LLP, “where the focus was on improving operational and commercial performance and exploring cost reduction opportunities. offered by being part of a leading multi-protein food group,” Young’s said in a statement provided to SeafoodSource.

“Since the account period, we continue to manage the challenges presented by the current broader economic situation, including significant inflationary pressures in areas such as commodities and energy, continued disruption to the supply chain supply and the ongoing impact of COVID,” Young said. .

The company is “well placed to weather the strong competitive pressures that characterize the UK seafood industry and is preparing for further growth in the years to come under new ownership of Sofina Foods”, Young added.

Investing in communicating with consumers through its new Masters of Fish campaign and rolling out new products has contributed to Young’s revenue success, the company said.

The new products ‘further cemented Young’s position as the number one seafood brand in the UK, well placed to meet strong demand from retail buyers and offset reduced foodservice sales due to restrictions of covid lockdown,” Young said.

For example, Young starts Lightly dusted lemon and black pepper Sicilian fillets of sole served with salmon puff pastries with creamy spinach and cheddar cheese sauce in its popular Gastro range in Icelandic stores this month.

The Gastro range has grown to £76.3m ($103m, €91m) over the past year, Young’s said in a press release.

Over the past two years, Gastro has grown 18.3%, outpacing the total frozen fish market, which grew 15.5% over the same period, Young said.

Last October, Young’s also deployed Refrigerated Red Thai Infused Salmon at Asda stores.

The two-pack of salmon fillets are flavored with a Thai marinade infused with flavors of garlic, paprika, chilli, coconut milk, lemongrass, cilantro and parsley, Young said in a press release.

“Salmon is one of our shoppers’ favorite fish species, so we are delighted to have introduced this Red Thai Infused product, giving our customers a new option to suit different types of meals at home,” said said Asda buyer Kay Woods at the time. .

Meanwhile, Young’s remarkable Masters of Fish advertising campaign returned to UK screens on January 3, following successful campaigns in 2020 and 2021.

Masters of Fish showcases the supplier’s 200 years of expertise to inspire people to cook and enjoy fish more often.

According to the company, previous campaigns have helped solidify Young’s position as the number one frozen fish brand. The campaign attracted 500,000 new shoppers to the brand in 10 weeks and generated £15m (US$21m, €18m) in incremental sales.

“Over the past two years we’ve seen an increasing number of shoppers add fish to their diets and we want to keep that positive momentum going,” said Liz Griffin, controller of marketing at Young. “We look forward to kicking off what we hope will be another year of positive growth with the latest version of our award-winning campaign.”

The campaign will focus on the company’s “star products”: Young’s Chip Shop Cod Fillets, Thick Cod Sticks in Gastro Tempura Batter and Basa Fillets Lightly Dusted with Sea Salt and Black Pepper crushed Gastro.

The creation features everyday people demonstrating how Young’s expertise helps them master different meal occasions, ranging from a midweek family dinner, a date night and an after workout. training.

The multi-channel TV advert will air on major broadcasters including ITV, Sky and Channel 5.

Photo courtesy of Young’s Seafood

William L. Hart