Thursday 12th November 2020
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New Zealand seafood company Sanford Limited (NZX: SAN ) has reported total revenue of $468.8m for the financial year ending September 30, 2020, a 14% decrease on 2019 ($545.1m). The business sees this decrease as directly attributable to the Covid-19 pandemic and its impact on food service globally.
Sanford’s Adjusted (underlying) Earnings Before Interest and Tax (Adjusted EBIT ) for the year to 30 September 2020 was $38.3m (versus $64.8m for the prior year), representing a 41% decrease. Reported Net Profit After Tax (NPAT) 2020 was $22.4m, compared to $41.7m for the previous year, a 46% decrease.
Sanford, like many seafood companies globally, has been primarily reliant on food service as a sales channel, an area which has been hit hard by the lockdowns resulting from the Covid-19 pandemic response. For example, the company saw sales into North America fall by 30% compared to last year.
Acting CEO Andre Gargiulo says recent changes to sales tactics in global markets, to facilitate more consumer facing sales, means Sanford has a path to increased profitability in 2021.
Board Chair Sir Robert McLeod says the board is currently making good progress in the process to recruit a new CEO, replacing Volker Kuntzsch, who left on September 18, 2020.
Due to uncertainty caused by the impact of Covid-19, the ongoing asset rejuvenation programme and wish to ensure prudent cash availability, the Board has taken the decision not to pay a final dividend in respect of the 2020 financial year.
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