Share this article

Sanford Limited has reported a solid recovery in the first half of its 2022 financial year, with an Adjusted EBIT of $19.2 million till 31 March. This represents a 79.4% increase in Adjusted EBIT from the same period last year ($10.7 million). The total revenue was $270.9 million for the period, a 16.0% increase on the same period in 2021 ($233.5 million).

The company has listed as its highlights the profit contribution from Sanford’s wild-catch division, which is up 108.4% versus the prior comparable period. Also, the maintenance of salmon profitability through increasing revenues by 35.9%. This compensates for an additional cost in feed, freight, and increased investment. This minimizes a minor increase in mortality due to warmer water temperatures.

- Advertisement -

In addition, Sanford’s balance sheet keeps strong, with net debt at $175.6 million with around $90 million in
headroom with current banking facilities. Further, operating cashflows of $35.8 million versus $4.5 million for the same period last year have significantly improved.

CEO Peter Reidie said: “The uplift in EBIT and revenue is satisfying. We are pleased we have been in a good position to take advantage of the post-Covid recovery in many of our international markets.” Although, he advised: “Now the challenges we face have shifted from demand to supply. Covid-19 continues to make its presence felt in New Zealand.”

On the other side, he concluded: “The good news is that our plans to minimize the impact on fishing, farming and production are paying off. We have a 100% vaccinated workforce. We are using Rapid Antigen Testing at the majority of sites, including before entry to our vessels.”

- Advertisement -

Share this article

Similar articles

Advertisement

Hot stories

TalentView: Ana Cerviño

Seaweed plays an important role in converting CO2. Another important...

After seven years without its star product in Asia, India and Chile reopen salmon exports

After months of efforts of the ProChile Trade Office in New Delhi and Aquachile, it has announced that the salmon export is reopening.

Kangamiut Seafood and Oceanpick bring barramundi to Europe

Kangamiut Seafood and Oceanpick join forces to bring ocean-farmed barramundi from Sri Lanka to European consumers.

Feed industry ready for Peru’s anchovy shortage

Anchovy season cancellation in Peru will affect global aquaculture through the feed industry, but Cargill, Skretting, and BioMar say they are ready to minimize the impact on their customers.
Advertisement