Canadian fish group Clearwater has reported widening first-quarter losses despite “strong” sales growth.

It reported a net loss of C$12.1m in the three months to 31 March, compared to C$1.8m a year earlier. The company blamed the higher loss on $13.3m in unrealised foreign exchange.

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EBITDA fell 5.6% due to higher fuel costs, “seasonally higher” harvest and procurement costs as well as payments made on foreign exchange hedging contracts.

These factors offset sales growth of 13.9% in the period, with revenues driven by higher demand and pricing.

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