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Wednesday, December 13, 2017

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Prices and profit up at Sanford

Posted at 1:01pm Saturday 27 May, 2017

Fishing company Sanford Limited posted a 25 per cent increase in net profit after tax to $19.0m for the six months ended March 31, 2017, compared to the same period in the prior year.

It’s been achieved by raising the prices of higher value, non-commodity offerings such as toothfish, scampi and salmon and shifting production plans towards higher value items such as fillets.

The group reports improved revenue of $230.4m for the first half of its financial year, compared to $219.4m for the same period last year.

CEO Volker Kuntzsch says this is a heartening validation of Sanford’s shift to focusing on non-commodity products, where greater value can be added through branding and a relentless approach to quality.

 “We have had a challenging first half in some ways – adverse weather impacted operations on numerous occasions and pricing for commodity items such as jack and blue mackerel was lower than we would like.

“But our ability to still deliver a good result speaks to the value of a focus on fresh and to the resilience we have in this company, resulting from the diversity of our excellent portfolio.”

Sanford’s newest and largest addition to its freezer fleet San Granit, took longer than expected to start fishing to capacity because a number of technical adjustments had to be made to optimise the vessel for New Zealand conditions.

Overall, the wild catch business performed well, with the volume of fish caught increasing year-on-year by 1,600 tonnes. The longline and deepwater freezer vessels contributed the majority, while the inshore fleet was often hampered by poor weather.

Additions in the fleet were complemented by additions to Sanford’s corporate capability. 

The company welcomed a new chief people officer Karen Duffy who joined Sanford in February and is working to grow the capability of the business at all levels. 

Sanford has also appointed the first communications manager in its 150 year history with the addition of Fiona MacMillan as GM Corporate Communications. 

With the focus on fresh, the company is committed to New Zealand as a market for its seafood.  New Zealand was the destination for $79.7m worth of Sanford product to March 2017, compared to $68.7m for the same period in 2016. 

Aligned with this is the new approach to branding at Sanford.  Development work continued in H1 on premium brands, including the Big Glory Bay brand of King salmon, farmed Bluff oysters and Greenshell mussels from Stewart Island. 

The brand has recently been welcomed to several high end New Zealand restaurants. 

“We have gone in a very short amount of time from servicing no Auckland restaurants to supplying approximately one third of the top 50 eateries.  Clearly this is an exciting start and we feel there are more great things to come,” says Sanford’s marketing and consumer general manager Justine Powell.

While Volker says Sanford has a number of exciting challenges ahead.

“We have really just begun this journey and will continue to focus on adding more and more value and thereby creating improved returns with one of New Zealand’s most iconic natural resources.”


COMMENTS

At the public's expense

Posted on 29-05-2017 10:04 | By Anbob

The increases profits coincide with reduced snapper allocation for the public. Along with the reduced bag limit, the increased size limit of 30cm only applies to the public. Sanfords are still legally taking 25cm snapper. All National did was give the smaller fish to Sanfords (the major inshore quota owner), a reallocation of the fish stock to the industry from the recreational fisher. National again looking after their mates in industry at the expense of the general public. Fish are a public resource, not a private resource. Not forgotten come election time.
Says it all really

Posted on 28-05-2017 09:11 | By astex

Fishermen are underpaid and ripped off and customers have to pay high prices for healthy food. None of that matters to these businesses as long as they make big profits. No social conscience at all.
gross

Posted on 28-05-2017 07:54 | By dumbkof2

typical ramp the prices up discusting profits. rip the people off
Sanfords..

Posted on 27-05-2017 19:04 | By Axeltic

Hey,, Once all the fish have gone.. You can sell the water...lol
You forgot

Posted on 27-05-2017 15:57 | By CC8

Yes you forgot to sat that you had systematically and ruthlessly lowered the price you pay too local fishermen for their fresh fish catch. At the same time you have ensured, through bumbling inefficient Government departments and your corporate influence , that they cannot afford the time and compliance (paperwork) to sell direct to the public and retailers themselves . Top that all off with how your staff have NO RESPECT for the catch or the small operators that put their lives and money on the line for lower and lower returns while you disrespectfully brag here about the increase in profit as if that is the ultimate goal...maybe for you, but for real fishermen goalisfeedingpeoplewithqualitycatchwhilerespectingtheresource. I have witnessed beautifully packed fish less than a day out of the sea being thrown across the fish floor and mixed up and being wasted .
Disgusting

Posted on 27-05-2017 14:27 | By overit

Look at the revenue for 6months, while they fish out natural resources. Leave the toothfish alone, get out of the southern seas. Human greed.

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