High Liner Foods, the Canada-listed seafood group, today (16 August) reported a fall in half-year sales but supply chain savings helped its profitability improve.

The company’s sales dropped 4% to US$512.2m, in part due to the weakening of the Canadian dollar, although over 70% of the group’s operations are denominated in US dollars. High Liner Foods was still feeling the effect of a decline in first-quarter sales in domestic currency. In the second quarter, High Liner’s sales in its domestic currency inched up 0.5%.

High Liner’s adjusted EBITDA increased 8.5% to US$47.1m. Net income grew 15.8% to US$19.1m.

Discussing High Liner’s second-quarter results, which including higher profits but lower sales, president and CEO Keith Decker said: “We are pleased with the results of the second quarter of 2016, returning to sales volume growth and achieving higher adjusted EBITDA as a result of improved execution and higher supply chain optimisation savings compared to the second quarter last year.

“We remain focused on growing sales volume and earnings in the back half of 2016 in what we expect will remain a relatively stable raw material cost environment.  Completing outstanding supply chain optimisation activities also remains a priority and we continue to believe a minimum of US$20m in annual costs savings on a run-rate basis, will be achieved by the end of 2016.”

As well as announcing its first-half results, High Liner announced it had struck a deal to sell its scallop business to US firm Blue Harvest Fisheries.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.