Canadian seafood company FPI has said a refocus on higher margin products has boosted first-half profits.
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FPI, which is in the process of being taken over by High Liner Foods and Ocean Choice
International, booked net income of C$9.1m (US$8.7m) for the first six months of the year. During the first half of 2006, FPI recorded profits of just C$100,000.
The rise in profits came despite a 16% fall in sales as FPI switched away from low-margin products. Year-to-date revenue stood at C$329.5m.
CFO Beverley Evans said: ““Profitability has improved through the execution of our strategy to eliminate low-margin products from our portfolio. We are concentrating our energy where it makes the most sense, and that approach has had the anticipated effect in gross profit growth.”
Last month, FPI also agreed to sell its UK subsidiary, The Seafood Company, to UK group Young’s Seafood.
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