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Major UK Fresh Tuna Distributor Feels The Raw Material Squeeze United Kingdom, August 17, 12

The UK’s largest fresh tuna importer, New England Seafood International, reported a year-on-year profit loss in 2011 and blamed it on the continued high costs of raw materials and the need to up the promotional discounting for UK retailers.

The fresh and frozen fish supplier, based in Surrey, saw an 11.45% decrease in year-on-year 2011 to profit USD 1.7 million.

Shortages of yellowfin and bigeye tuna have been felt worldwide in recent years due to increased fishing pressure. At the same time reduction measures by tuna management organizations worldwide also have their effect on supplies and prices.

The tight supply and price inflation of the raw materials also negatively affected New England Seafood International’s operating profit and cost of sales last year. In 2011, its operating profit declined about 30% to USD 2.3 million, while its cost of sales climbed by about 4.5% to USD 64.9.

In spite of the negative results, the company had a USD 87.3 million turnover, an increase of about 3.3% from the previous year.

New England Seafood International supplies the nation’s leading supermarkets including Marks & Spencer, Sainsbury’s and Waitrose, in addition to smaller retail outlets, restaurant chains, food service markets and wholesale sectors.