Sanford Limited has announced a 152% increase in net profit after tax to $34.7m.
For the year ended 30 September, the Group posted an 85.5% increase in reported EBIT to $57.7m, with revenue up $13.2m to $463.5m.
Volker Kuntzsch, Sanford CEO, said: “The results show the company’s strategy of moving from a volume commodity exporter to a premium seafood company focused on value creation through utilising resources in the best way, is working well.”
“Sanford’s evolution is changing what we sell, how we sell it, the markets we’re building and who we’re selling to.”
Sanford focused on reducing its reliance on a purely frozen wholesale commodity exporter, to an increasingly consumer centric business selling New Zealand seafood fresh to customers, with a particular focus on the domestic market Australia and Asia.
This allows there to be a change to sustainability benefits across Sanford’s business minimising its use of energy resources to transport and freeze large volumes of fish.
Mr Kuntzsch explained that in a first for the company, consumers will begin to see Sanford branded products for sale in the next year.
He said: “The focus on delivering greater value from our seafood through improvements in the product cascade, operational efficiencies, supply chain and procurement practices coupled with an increasingly differentiated approach in sales and marketing, have all contributed to this strong result.”
Continuing operations revenue has increased by 5.5% year on year against a sales volume reduction of approximately 11%.
