John West has suffered its first loss in over a decade after its price freeze strategy landed it in turbulent waters.

The tinned fish brand profits took a dive in the financial year ending 31 December 2023, as it posted a £6.7m pre-tax loss, despite sales growing by 4.9% to £134.5m.

The manufacturer said its performance was driven by it “maintain[ing] competitive pricing, prioritising long-term brand loyalty over short-term gains”.

The report said: “The decrease in gross profit was linked to the strategic decision not to pass all the inflation on linked to the global commodity increases to protect customer numbers and market shares.”

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It decided to freeze prices after opting to hike them in the face of rising inflation in 2022, which hit volumes and caused a 13.5% slump in sales worth £20m.

Despite sinking to a loss, John West said its core UK market remained “strong” and looking ahead, added: “Future developments may include additions to product ranges and entry, where appropriate, into new food market sectors”.

Earlier this year, the tuna giant promoted Mark Doherty to managing director to lead its UK and international export markets. Doherty had worked for John West for the past 15 years and spent the last six years as commercial director.

In June it refreshed its range with the introduction of new fully recyclable aluminium ‘Ecotwist’ strip in a bid to cut excess packaging.