Bigger mackerel quotas spurred on Lunar Fishing Company to higher profits and turnover during 2014, new accounts for the Peterhead-based firm show.
Lunar, whose activities span fish processing, vessel management and the provision of freezing and cold-storage facilities, reported pre-tax profits of £14.4million for last year.
This was up by nearly 60% from just over £9million in 2013, while operating profits surged by 67% to £16.8million.
Turnover grew by more than 14% in the latest period to £85.9million, from just over £75million a year earlier.
A directors’ report with the accounts – just released by Companies House – said Lunar benefited from bigger mackerel quotas, while the commercial environment in the market for pelagic fish remained buoyant.
It added: “The group is well-placed to take advantage of this, having made substantial investment in both the catching and processing sectors of the industry.
“The white-fish sector continues to experience difficulties with quota allocations but again the group, having made substantial investment, is well-placed to face the ongoing challenges facing this sector.”
North-east Atlantic mackerel quotas – and hence Lunar’s profits and turnover – increased as the result of a compromise agreement ending a long-running international dispute over how much of the shared stock can be caught.
Lunar said its latest figures reflected a satisfactory trading performance, while a near £8million increase in the value of the group’s net assets to £95.75million highlighted continued growth in its financial strength.
The family-owned company employed 270 people on average last year, up from 264 in 2013.
Lunar’s wholly owned subsidiaries in 2014 included Lunar Freezing and Cold Storage Company, Seafoam, Summer Isles Fishing Company and Lunar Fishing (Canada) 2005.
Other assets included an 86% stake in the Lunar Harvest fishing boat partnership.