Friday, March 29, 2024

Profit gets away from Sanford

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Sandford fishing company has been hit hard by the loss of foodservice sales during the covid-19 pandemic, reporting a 46% fall in net profit to $22.4 million.
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Revenue was down 14% and underlying earnings down 41% for New Zealand’s largest and oldest fishing company.

Acting chief executive Andre Gargiulo says the covid-19 shutdowns saw sales in North America fall by 30%.

“We acknowledge this is a disappointing result, both for our investors and for our people, who have worked incredibly hard through the extra challenges brought on by the pandemic,” he said.

“However, we are confident that our strategy to get closer to our consumers and maximise the value of our products is the right one that will see us recover from the immediate impact.”

Sanford’s share price settled around $5 after the disappointing results, having fallen about $2 during the past year.

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