Job cuts help slimmed-down Dawnfresh narrow its losses Fish farming and processing firm Dawnfresh narrowed its losses last year as it slashed its less profitable operations. The Uddingston-headquartered company, which is chaired and controlled by Alastair Salvesen, made a loss of £4.5 million in the year to 31 March 2012, compared to £6.9m the year before. The group's turnover was down by £10.3m, to £38.2m, as management "rationalised" the business to concentrate on the lines with the best margins. The cutbacks meant headcount fell from 641 to 506, producing a saving of around £2.5m on the wage bill. However, directors" pay was up from £271,000 to £318,000 while directors netted an extra £37,000 for consultancy services. Salvesen said in the accounts that margins were boosted by increases in the price of trout negotiated during the previous year, as well as a number of cost saving measures. But he added: "The economic environment remained extremely challenging, with rising costs and an extremely competitive market. These factors prevented further progress towards profitable trading. The company remains financially secure because of significant support from its shareholders and is therefore well placed to weather the economic downturn and capitalise on opportunities to grow the business in the coming year. Salvesen is currently providing Dawnfresh with an £11m loan. He said support from shareholders had allowed the group to invest £1.9m last year, mainly in modernising recently acquired trout farms. The firm bought Scot Trout in 2008, the latest in a series of acquisitions since Salvesen and his family led a management buy-out in 1983 from haulage company Christian Salvesen.