Sanford Limited (NZX: SAN) Update on 2020 Full Year Results

Thursday 5th November 2020

Sanford Limited (NZX: SAN ) wishes to advise the market of certain key unaudited metrics from its full year results for the year ended 30 September 2020. This is ahead of the release of its full results announcement on Thursday 12 November, as previously communicated to the market.

Key unaudited metrics:

• Net Profit After Tax (NPAT): $22.4m, a 46% decrease on 2019 ($41.7m).

• Total Revenue: $468.8m, a 14% decrease on 2019 ($545.1m).

• Adjusted (underlying) Earnings Before Interest and Tax (EBIT): $38.3m, a 41% decrease on 2019 ($64.8m).

Our earnings reflect the ongoing impacts of the Covid-19 pandemic on Sanford’s sales channels, primarily to food service, as disclosed in our market update on 2 September 2020.

This result is a continuation of the sales revenue trend which we advised the market of in September. However, the fourth quarter profitability was further impacted by the following factors:

• Poorer than expected wildcatch performance in September driven by a lower than expected Patagonian toothfish catch.

• A lower fair value of salmon stock in water with expected future sales pricing under pressure.

The result this year is disappointing, and our markets continue to be challenging and difficult to predict because of the evolving Covid-19 situation. Despite this our cash collection remained satisfactory through the year and our balance sheet is strong. We continue to assess and make changes to re-position the business to be more adaptable and match our costs to the new environment.

See the link below for more details:

FY20 Results Update 5 Nov 2020

Source: Sanford Limited (NZX: SAN )

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