Canadian seafood group High Liner Foods has booked a rise in earnings during fiscal 2010 as cost cuts bolstered margins.
The company said today that adjusted EBITDA – excluding stock option expenses – rose by 22.9% during the 12 months to 1 January 2011, climbing to C$25.6m (US$25.9m). Net income edged up to C$19.8m, from C$19.7m last year.
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Sales were dented by a stronger Canadian dollar and lower volumes at High Liner’s Canadian operations, dropping to C$584.7m from C$627.2m last year. However, the company emphasised, volumes inched up 1.6% as its US sales volumes grew.
“We are very pleased by our continued strong profitability in 2010, with meaningful growth in adjusted EBITDA and operating cash flow, despite lower reported sales largely driven by the stronger Canadian dollar, lower prices on commodity products, increased promotions on value-added products, and lower volume in Canadian operations as consumers reacted to higher selling prices,” president and CEO Henry Demone said.
