Friday 21st May 2021
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New Zealand’s largest seafood business, Sanford Limited, reports that its 2021 interim results are consistent with its most recent update to the market on 17th March 2021. Challenging conditions continued during the six months due to the impact of the Covid-19 pandemic on the demand for seafood and on international supply chains.
Sanford reports net profit after tax (NPAT) of $16.2 million, which included a $13.3 million gain on sale for two non-core properties. This was 15% below the $19.0 million NPAT for HY20.
Its revenue for the six months ended 31 March 2021 (HY21) decreased 5% to $233.5 million.
Sanford says its second half tends to be seasonally stronger and it expects the same in FY21.
• Impacts from Covid-19 continue. Some early positive signs as markets start to reopen and new markets gain traction, although supply chain challenges continue
• Results consistent with recent market update
• Wildcatch performance was comparable to HY20, salmon strong volume growth, mussels remain under pressure
• Team engagement at all-time highs
• Ready for reopening: positioned for foodservice reopening in key markets as vaccinations lessen Covid-19 impacts
• Balance sheet remains strong and net debt reduced by $3m since September 2020
Sanford’s balance sheet remains strong. Net debt of $181m was $3 million lower than September 30, 2020 and the gearing ratio (debt as a proportion of debt plus equity) was at 23.8% (from 23.4% at September). Sanford continues to have good support from its lenders and sufficient debt headroom.
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