Clearwater achieves sales and revenue growth in H1
2017-08-08 12:27:30   copyfrom:    hits:

Clearwater achieved record results for sales and adjusted EBITDA thanks to the strong global market demand (Photo

 
Clearwater achieved record results for sales and adjusted EBITDA thanks to the strong global market demand. (Photo: Clearwater)

 

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Friday, August 04, 2017, 03:00 (GMT + 9)

 

Clearwater Seafoods managed to increase its sales by 10.2 per cent, to CAD 282.7 million (USD 224.9 million) in the six-month period ended July 1 while its adjusted EBITDA grew by 2.2 per cent, to CAD 47.3 million (USD 37.6 million), compared to the same period a year ago.

The firm also reported that in the second quarter its sales increased by 10.1 per cent, to CAD 154.3 million (USD 122.8 million) and a consistent adjusted EBITDA of CAD 27.5 million (USD 21.8 million) versus 2016 comparative results.

The company explained that the strong sales volumes for clams and scallops were partially offset by lower frozen-at-sea shrimp volumes available for sale related to a planned vessel refit.

After the quarter ended, the total allowable catch (TAC) for sea scallops increased by 500 tonnes and the Company acquired a crab vessel and license in Scotland, expanding access to supply through vertical integration in the crab species.

"Record results for sales and adjusted EBITDA from strong global market demand for many of our core species in combination with strong catch rates that increased available supply (excluding shrimp) positions Clearwater for a positive outlook for the second half of 2017," pointed out Ian Smith, Chief Executive Officer.

Smith stressed that sales volumes for clams has significantly increased by 59 per cent versus the comparative period of 2016 as programs to expand our channel, customer and geographic distribution continue to bear fruit.

Clam inventory volumes have declined 15 per cent since the fourth quarter of 2016 as seasonably favorable harvest conditions have resulted in excellent catch rates and landings.

"We anticipate solid results in the second half of 2017. Margins are expected to increase with favorable changes in sales mix, higher selling prices for select species, increasing sea scallop TAC and shrimp volumes as well as the benefits associated with CETA implementation late in the third quarter of 2017,” the firm’s CEO concluded.

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