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Sanford picks busy second half

By Phil Boeyen, ShareChat Business News Editor

Wednesday 6th December 2000

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Sanford (NZSE: SAN) is looking to the second half of the year to provide impetus and says it remains on the lookout for expansion opportunities both in New Zealand and overseas.

The fishing company told shareholders at its AGM today that there has been a slow start to the year as it seeks to maximise prices in a competitive market, but activity is expected to again be strong in the second half of the year.

The company is expecting another satisfactory result for the year but points out that currency, fuel and political instability are factors that can affect the final outcome.

While Sanford quit its investment in Namibia during the year, it has continued to look to Canada for growth, increasing its stake in Newfoundland-based Fishery Products International from 5% last year to just under 15% at an average cost of C$8.80 a share.

Sanford says it has made progress working with Fishery Products International on the trading of products and it expects the first shipments in both directions to commence early in the New Year.

Earlier today Sanford announced plans for a $12 million waterfront fish market and tourism attraction in Auckland.

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