ALASTAIR Salvesen's seafood company Dawnfresh has seen its losses widen in its most recent financial year.
However Mr Salvesen said the financial performance did not reflect the operational improvements which had been made in the period.
Accounts filed at Companies House show Dawnfresh Holdings, which has its headquarters in Uddingston, show the company increased its turnover from £40.2 million to £41.6m in the 12 months to March 30, 2014.
However increases in the cost of sales, distribution and administrative expenses saw the pre-tax loss come in at almost £5.9m, compared to £5.2m in the prior year.
There was also £350,000 of professional fees related to a proposed acquisition which did not go ahead.
Writing in the accounts Mr Salvesen, chairman and main shareholder, described the result as "disappointing".
He said: "This however does not reflect the transformational improvements the company has made during the year."
Mr Salvesen, one of Scotland's richest men and part of the Christian Salvesen shipping empire, said the management team had been added to, the quality of products improved and factory yields increased.
Those factors in turn had led to better relationships with customers and suppliers.
Mr Salvesen said: "A robust long-term growth plan has been developed with the aim of significantly increasing turnover in the next three years and earning a reasonable profit.
"We have strengthened our new product product development team, who are working closely with our production teams as we seek to excite consumers.
"Their expertise is being recognised by our customers who are granting us new listings allowing us to grow our turnover and profitability in2015 and thereafter. Sales and margins at all three of our production sites are therefore now increasing."
According to Mr Salvesen around £2m was spent during the year on new plant and equipment. An additional fish farm on Loch Etive was granted planning permission during the year and is now said to be fully stocked.
Mr Salvesen said: "We have more fish growing and they will enable us to meet some of our customer's demands for more Scottish loch trout in 2016."
The accounts also outline a commitment to grow the export sales through the RR Spink brand, which is based in Arbroath and can trace its roots back to 1715.
The launch of an online shopping portal selling fresh fish was also said to have increased brand awareness among consumers.
Shareholders, which are Mr Salvesen and members of his family according to Dawnfresh's most recent annual return, provided £5.5m of funding during the year to help in the capital expenditure programme, assist with operating costs and reduce bank borrowings. Net debt was trimmed from £3.09m to £2.17m which helped to reduce interest payments from £150,299 to £111,826.
After the year end the shareholders subscribed for a further £11m of shares which was used to repay directors' loans and improve the net asset position on the balance sheet.
Average employee numbers increased during the year from 418 to 438 with staff costs rising from £9.8m to £10.3m.
Total directors' remuneration increased from £311,452 to £399,431.
The highest paid director saw their emoluments rise from £183,877 to more than £227,000.
As well as its operations in Uddingston and Arbroath Dawnfresh also owns the Daniel's Sweet Herring business based in Grantown on Spey, Morayshire.
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