UK-based tinned fish brand John West has revealed a significant 45.7% decline in gross profits for the fiscal year ending on December 31, 2023, compared to the previous year.
According to the company’s statement, this sharp decrease in gross profit is primarily attributed to their strategic choice of not fully passing on inflationary pressures linked to surging global commodity prices. As a result, John West’s profits plummeted from £22.6 million in 2022 to £12.2 million in 2023.
Nonetheless, John West achieved a total turnover of £134.5 million, which marks an increase from £128.2 million in 2022. This 4.9% growth reflects the company’s efforts to recapture some of the escalating global prices experienced throughout 2023.
Looking at the company’s asset portfolio, John West reported £76 million in assets at the conclusion of 2022; however, this figure subsequently decreased to £58.4 million in 2023.
Despite these challenges, John West emphasized its commitment to maintaining its position as a leading supplier of canned fish across multiple markets. The report stated, “The company continues to focus on being a leading supplier of canned fish in several companies.” Furthermore, it highlighted that its core market in the UK remains robust, with the company retaining significant shares in its primary product categories.
Looking ahead, John West expressed optimism regarding potential future initiatives. These developments may involve expanding their product range and, when suitable, exploring entry into new food market sectors.
