GROWING sales in Europe and the Far East helped Loch Fyne Oysters offset a depressed UK market for its produce.
The shellfish and salmon company, owned by its employees until a buyout by Scottish Seafood Investments in February last year, saw turnover from continuing operations rise from £11.5 million to almost £13m with an operating loss of £546,710 being turned around into a profit of £36,172.
The business – based at Cairndow, Argyll, and led by managing director Bruce Davidson – said Hong Kong, Dubai, Switzerland and Italy had been the strongest international performers in the 12 months to June 30, 2012, with export sales up 21%.
The company enjoyed its best ever December sales in what is traditionally its busiest month.
The Simson's Fisheries business, acquired in 2008, was sold during the financial year with the profit on disposal recorded as £240,131. The discontinued operations showed a dip in turnover from almost £12m to £6.6m and an operating loss of £210,998, against a profit of £66,256 in the previous year.
Net debt reduced from £3.76m to £3.5m.
Average staff numbers reduced from 189 to 179, while directors' remuneration dropped from £574,252 to £462,230.
The highest-paid director saw a slight increase in their rewards from £127,324 to £128,632.
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