Clearwater has booked a mixed set of results for 2013, with higher sales and operating profit but a drop in net earnings.
Sales rose to C$388.7m (US$349m) in the 12 months to 31 December, up from C$350.3m in the comparable period of last year. Operating profit was also up, the Canadian seafood group revealed, with EBITDA rising to C$79.1m from C$72.2m.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
However, Clearwater saw net earnings fall to $15.2m, down from a profit of $22.7m in 2012.
The bottom line was hit by higher financing costs. But Clearwater was upbeat on the outlook for 2014 having secured a refinancing deal that included the issuance of 3.5m common shares. In total the group raised new finance of A$34m.
In the coming year, Clearwater expects sales growth of 5% or greater and ddjusted EBITDA margins of 18% or greater, the company said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
