Seamark sees profits and sales dip
SEAFOOD import and processing company Seamark saw sales and profits fall last year, newly-filed accounts reveal.
The East Manchester-based business is owned by three brothers, Iqbal, Bilal and Kamal Ahmed, and also operates the opulent Vermilion and Cinnabar restaurant and bar.
Profits in the year to December 2008 fell to £149,521 from £659,437 in 2007, on turnover of £45.7m, down from £50.6m.
In their report the directors said the were “pleased to have achieved continued profitability despite the impact of the worsening recession on activity levels.”
“The company’s core business has improved its gross margin despite the difficult operating conditions.
“2008 was the first full year of operation for the company’s restaurant and bar venture. Turnover of £1.2m was achieved during the year and a substantial increase in turnover will be reported in 2009.”
The accounts reveal that Seamark’s banking facilities with HSBC have expired and are being continued on an “informal basis”.
The firm’s auditor Royce Peeling Green states “The company is party to a group banking facility which has currently expired and is being continued on an informal basis.
“This situation indicates a material uncertainty which may cast significant doubt over the company’s ability to continue as a going concern.”
In the notes to the accounts the auditors said HSBC – which is owed more than £8m – has not “currently made any indication of changes to the facilities, apart from an increase in interest rate.
“The directors are confident that HSBC will continue its support to the group following the receipt of results of the independent review currently being carried out at their request.”
The notes say that Seamark and its sister company Ibco – which made a loss of £1.5m in 2008 – were both seeing improved profits per unit this year.
Employee numbers in the year rose from 117 to 162 after the launch of the £5.2m Vermilion restaurant.
