Fishing vessel belonging to Sanford. (Photo: Sanford)
Sanford obtains strong result in first half
NEW ZEALAND
Thursday, May 24, 2018, 01:50 (GMT + 9)
Sanford Limited obtained increased revenue year on year by 18.4 per cent for the first half of its financial year, to NZD 272.8 million (USD 189.5 million), which the firm attributed to the production plan shift towards higher value items such as fish fillets, rather than frozen commodity product.
The firm also recorded a 14.2 per cent increase in adjusted EBIT, which reached NZD 35.4 million (USD 24.5 million) for the half year to 31 March, 2018.
The company considers these improvements have also been driven by strong sales growth, in both domestic and international markets. Particularly, Sanford highlights Europe and China markets: overall sales in these territories increased by 85.4 per cent and 78.6 per cent, respectively.
The firm’s board stressed that other positive contributors to this result were stronger global squid prices, good demand for greenshell mussels and local support from an increasing number of contract fishers who supplement Sanford’s inshore catching capacity by harvesting premium, line-caught species.
Group CEO Volker Kuntzsch stated it is pleasing to be able to report a strong result despite a variety of challenges, such as the weather conditions across the country forcing smaller vessels to seek shelter from the weather on several occasions.
Sanford's mussel business performed above the same period last year, with both volume and pricing trending higher.
The company continues to focus on diversifying its mussel product portfolio in order to reduce dependence on the frozen half-shell mussel market.
Chief Customer Officer Andre Gargiulo stated that “with that in mind, we are very pleased to see growing demand for greenshell mussel powder from our recently acquired Enzaq plant in Blenheim."
" We are investing in greater production capacity there, with the aim of doubling output over the next few months. Our broader focus on innovation can only benefit us, as we continue to seek to extract more value from existing resources,” he added.
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Photo Courtesy of FIS Member Sanford Limited
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