Seafish, UK authority on seafood, says that its latest economic figures from vessel owners suggest the profit margin for the UK fishing fleet has increased slightly from 18 to 19% with a small increase in net profit margins.
The organisation said that this suggests that the fleet has more or less remained stable, despite challenging economic conditions and the effects of bad weather which have limited the amount of days spent at sea.
Latest survey data reveals challenging economic conditions have included lower fish prices, lower incomes and higher fuel and quota costs.
But although total income fell 6% from £849m to £303m between 2011 and 2012, continued profitability suggests that the fleet managed to make adjustments to counter rising costs.
John Anderson, senior economist, Seafish, pointed out that debt repayment levels remain a concern with high debt to asset rations observed in several segments.
“Preliminary estimates suggest around two thirds of the UK fleet continued to experience decreasing fishing income, gross value added and profits into 2013,” he warned.
He invited participants to take part in the next round of research which will focus on the Landings Obligation and its possible implications.
Participants can request a free financial performance benchmark report which will allow them to monitor the performance of their own vessel with the average performance of similar vessels. They will also be entered into a £250 prize draw.
