Lunar Fishing group sees sales rise

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FISHING tycoon Alexander Buchan’s Lunar Fishing group saw sales rise last year although increased costs hit profits.

The Peterhead business, which operates seven vessels in Scotland and Canada, and supplies fish including mackerel and herring, saw turnover increase by 8.2 per cent to £72.1 million although pre-tax profits fell to £10.9m from £16.3m.

“The commercial environment in the market for pelagic fish continues to be buoyant and the group is well placed to take advantage of this, having made substantial investment in both the catching and processing sectors of the industry,” said the company.

Net assets increased to £82.5m from £76.6m, which the company said reflected continued growth in its financial strength. Staff numbers dipped to 261 from 279.