The 2015 acquisition of Macduff Shellfish has helped Canada-based Clearwater Seafoods report sales and earnings for 2016.
The company booked net income of CAD43.9m (US$32.5m) for last year, up from a loss of CAD37.6m in 2015. The group’s adjusted EBITDA stood at CAD120.9m, versus CAD109.7m the previous year.
Clearwater’s sales hit CAD611.6m, compared to CAD509.9m a year earlier.
CEO Ian Smith said: “2016 will be recorded as the seventh consecutive year of record top and bottom line results for Clearwater. The single largest contributor to year over year growth was the addition of Macduff Shellfish, acquired in October 2015. Excluding Macduff, Clearwater’s core business financial performance was below expectations as the company felt the combined effects of shortages of supply in northern shrimp and sea scallops.”
However, Smith added: “In 2017, we expect to deliver another year of record sales and adjusted EBITDA with growth in virtually every market, channel and species. Harvest conditions challenged us in 2016 but our access to supply, advanced harvesting and processing technology, diversity of species and breadth of markets channels and customers positions us well for sustainable and profitable growth in 2017 and beyond.”
Clearwater paid GBP98.4m (US$119.8m) for UK-based Macduff Shellfish Group in the autumn of 2015.