First-half sales and profits at Clearwater Seafood rose as the Canadian group benefited from “strong” demand and foreign exchange.
Clearwater swung to net profit of C$6.7m (US$6.1m) compared to a loss of C$11.6m in the first half of 2013.
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The company booked adjusted EBITDA of C$30.6m for the 26 weeks ended 28 June, up from C$27.9m a year earlier.
It said its gross margin improved from 18.4% to 20.4%. Clearwater pointed to “strong demand, higher prices for the majority of species and favourable exchange rates”.
Sales jumped 16.8% to C$163.7m.
“Global demand for seafood is outpacing supply, creating favorable market dynamics for vertically integrated producers such as Clearwater which have strong resource access,” Clearwater said. “Demand has been driven by growing worldwide population, shifting consumer tastes towards healthier diets, and rising purchasing power of middle class consumers in emerging economies.”
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