Canadian seafood company High Liner Foods saw a major increase in full-year net income as it experienced growth across all sales channels.
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For the year ended 3 January, net income reached C$14.2m (US$11.2m), or 88 cents a share, up from $6.9m, or 58 cents a share, for the previous year.
High Liner’s sales more than doubled to reach C$616m for the fiscal year compared to C$275.4m for the corresponding period in 2007. The company attributed the higher sales to the acquisition of FPI’s Manufacturing and Marketing Group late in 2007.
Excluding the acquisition, sales increased 2.5% for the year.
“Our strong results in fiscal 2008 reflect a full year of contributions from the acquired FPI businesses and their successful integration into our operations,” said Henry Demone, president and CEO.
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By GlobalData“We had a very strong fourth quarter with growth across all sales channels. As expected, we saw a lift in sales in our retail businesses. Perhaps more consumers are eating at home in light of the economy, but we are also executing our business plan with discipline.”
High Liner said it has implemented price increases effective in the first quarter of 2009 to offset cost increases experienced in late 2008 and expected in 2009 on two key species and due to a weakened Canadian dollar.
