Rise in fish prices hit seafood processors

In its latest accounts, released by Companies House, Moray said the increase could not be passed on to customers, because of a very competitive market. The Buckie-based firm told the Press & Journal: "As with many companies of our size, and for all businesses in this industry, the trading environment in which we currently operate continues to be very challenging." Moray said fish prices soared as landings fell by more than 20% during the year to August 28, 2006. Despite the losses, it achieved sales growth of 16% as a result of contracts won at the end of 2005. Sounding an upbeat note to current trading, it added: "Having amended our projections for 2006-07 to incorporate continuing high raw material prices, we can envisage a return to profitability from the spring of 2007 as sales continue to rise with the benefit of new, more favourable contracts, price reviews and index-linked selling prices," the Press and Journal wrote.