Clearwater has booked a mixed set of results for 2013, with higher sales and operating profit but a drop in net earnings.
Sales rose to C$388.7m (US$349m) in the 12 months to 31 December, up from C$350.3m in the comparable period of last year. Operating profit was also up, the Canadian seafood group revealed, with EBITDA rising to C$79.1m from C$72.2m.
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However, Clearwater saw net earnings fall to $15.2m, down from a profit of $22.7m in 2012.
The bottom line was hit by higher financing costs. But Clearwater was upbeat on the outlook for 2014 having secured a refinancing deal that included the issuance of 3.5m common shares. In total the group raised new finance of A$34m.
In the coming year, Clearwater expects sales growth of 5% or greater and ddjusted EBITDA margins of 18% or greater, the company said.
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