UK Seafood Processing Sector Economic performance and structure. The industry continues to demonstrate resilience by Tony Mackay
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UK Seafood Processing Sector Economic performance and structure By Tony Mackay The UK seafood processing industry continues to demonstrate resilience, but beneath strong headline growth lies a more complex and challenging economic picture. Tony Mackay According to the latest data produced by Seafish, the industry generated an estimated £5.8 billion in turnover in 2023, with operating costs of £4.9 billion and operating profits of £893 million. This represents a profit margin of around 13% of turnover, a figure broadly in line with the wider UK private sector. Strong growth, weaker profitability Over the five-year period from 2019 to 2024, turnover increased by an impressive 81%, equating to an annual average growth rate of approximately 20%. However, operating profits rose by only 29% over the same period—just over 7% annually. This divergence raises an important question: why has profitability lagged so far behind revenue growth? The answer appears to lie in a combination of ...