Canada’s High Liner Foods has reported higher first-quarter profits on the back of improved efficiency and the impact of last year’s acquisition of American Pride Seafoods.
High Liner, which supplies seafood products to retail and foodservice customers, booked adjusted EBITDA of US$27.2m for the three months to 29 March, up from US$21.3m a year ago.
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In October, High Liner bought foodservice supplier American Pride to boost its presence in the US restaurant trade. The deal contributed to its EBITDA but, leaving that deal to one side, High Liner’s EBITDA rose due to improved efficiency at manufacturing sites and lower distribution costs.
Sales rose 10% to US$302.6m, although the impact of the weaker Canadian dollar trimmed the top line.
Excluding American Pride, sales measured in Canadian dollars decreased by US$7.1m amid lower foodservice sales in the US. Poor weather in the US in the first quarter weighed on sales.
Net income more than doubled from US$5.3m to US$11.9m, helped by the improved EBITDA, lower stock compensation expenses and a fall in finance costs.
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