Shares in Clearwater have soared, despite the Canadian seafood distributor swinging to a net loss in 2010.

Shares in the distributor were up 6.77% to C$1.42 (US$1.46) a share at the market’s close yesterday (29 March), despite it recording a C$7.4m net loss for 2010 against a C$26.1m net profit in 2009.

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

The company attributed the swing to large unrealised non-cash foreign exchange gains in 2009.

However, EBITDA for the year rose 14% to C$44.8m while sales grew 2.5% to reach C$291.1m.

For the fourth quarter, the comapny recorded C$1m in net profit, against a C$2.4m net loss in the fourth quarter of 2009. Sales in the fourth quarter rose 13.8% to C$77.8m.

The company’s management said it is “encouraged” by its results and the “increasing global consumer and customer demand for its premium, wild, eco-labeled seafood”. This, combined with what it described as the “successful execution of pricing strategy, cost savings and other productivity initiatives”, means it is set to “continue to deliver improved operating margins and earnings performance in 2011.

GlobalData Strategic Intelligence

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

Clearwater said it plans to complete in a substantial plant and vessel upgrade programme, with the majority to be completed in the first and second quarters of 2011. It said that it plans to invest up to C$14m in sustaining its fleet and plans in 2011.

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now