Sanford signals higher interim profit

Wednesday 20th April 2011

Fishing company Sanford Ltd today signalled it will report a first-half after tax profit of $13 million, more than double the $5.3 million reported last year.

The company reports its interim result on May 25. It had earlier said the $5.3 million profit in the six months to March 31 last year was unacceptable.

It said today that revenue rose 23% in the six months ended March 31 when compared with the same period last year. Sales of most fish species rose.

Excluding the Pacifica Seafoods mussel business acquired on December 1, sales were up 17%.

The company catches wild fish and has expanded into aquaculture. The purchase of Pacifica Seafoods combined New Zealand's two largest greenshell mussel producers.

The increase was achieved even though the mussel plant at Havelock was closed for upgrading for much of the period and the former Pacifica plant in Christchurch was disrupted for a short time by the February earthquake.

Production volumes at both these facilities will rise in the second half of the year.

The company is signalling that earning before interest, tax, depreciation and amortisation will be $26 million, up from $10 million in the first six months last year.

NZPA

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