Portuguese processor Brasmar, which is owned 50% by MCH Private Equity, plans to expand its presence across Europe, especially in Spain and France retail sectors, to further increase sales this year, the firm's CEO, Sergio Silva, told Undercurrent News.
Brasmar achieved a turnover of €165 million in 2017 and expects to reach total sales of €185 during 2018, Silva said during an interview at the Brussels seafood show. Earnings before taxes, interest, depreciation and amortization are expected to remain at the same percentage, 9% of the turnover, according to Silva.
Growth so far is in line with out business plan, Silva said.
The firm has diversified its range of products in order to "become one stop shop for its clients" as it plans acquisitions to expand its customer base.
Brasmar recently finished the expansion of its processing plant in Portugal, adding another 800 metric tons per month of capacity. As a result, the plant can now process 2,500t per month, Silva said. Brasmar is also active in trading, which accounts for about 50% of its business.
The firm told last year to Undercurrent it considered acquisitions to expand its customer base in Europe and that it was targeting a player with a diversified base of customers across the continent. The plans remains, Silva said, but so far the right target has not been identified. The company is mainly focused to achieve its sales targets, Silva pointed out.
Silva commented that the recent increase in cod prices had not impacted demand in Spain and Portugal so far, as most generally take place later in the year. Octopus price rapid increase instead was more worrying, but demand for the product continued to remain firm, Silva said.