Job cuts at an Aberdeen seafood processor turned out to be fewer than expected despite the loss of a lucrative contract.
Nolan Seafoods (UK) had to let four people go, George Nolan, chairman of the Dublin-based parent, said yesterday.
In July, it was feared that nearly one-third of the workforce could be laid off as the company struggled with marketplace “volatility”.
It was initially thought Nolan may have to slash up to 80 jobs from a 217-strong workforce at its processing plant on the West Tullos industrial estate.
But the firm later confirmed plans to cut “fewer than 40” jobs, saying it was exploring options to minimise the impact on the workforce and to ensure the short and long-term viability of the business”.
The final figure of four has only just emerged after accounts from Companies House showed a huge jump in Nolan’s profits during the 12 months to March 31, 2016, compared with a hefty fall the year before.
Mr Nolan said the company was now “making up for lost ground” following a spell of volatile and unpredictable salmon and white-fish market conditions, as well as the loss of a major customer contract at short notice.
“It (2015/16) was a satisfactory year,” he said, adding the sharp rise in profits was driven by careful control of costs.
Nolan made pre-tax profits of £1.05million during the latest period, up from £143,980 in what it has previously described as an “extremely disappointing but not unexpected” 2014/15 trading year.
Turnover for 2015/16 totalled £31.6million, down slightly from £31.8million the year before.
The parent, HJ Nolan (Dublin), was established by Mr Nolan’s grandfather, Harry Nolan, more than 100 years ago.
Today, the group employs nearly 300 people in Ireland and Scotland, with about two-thirds of them on this side of the Irish Sea, and turns over more than £25.5million annually.