Higher sales boosts Clearwater Seafoods profits – Fishupdate.com

Higher sales boosts Clearwater Seafoods profits Published:  01 April, 2011

A 10 per cent increase in sales and improved efficiency has helped boost the fourth quarter profits of the ambitious Canadian company Clearwater Seafoods.

The company reported a healthy profit for the period of $1-million (Canadian) and the company said it now had plans to go ahead with a $14-million upgrade of its fleet and fish processing operations.

In February this year Clearwater, which is based in Nova Scotia, signalled its intention to increase its interest in the UK retail market announcing the certification of two of its processing plants under the all-important British Retail Consortium (BRC) standard for food safety. Clearwater’s main products are crab, lobster, prawns and scallops, along with some types of white fish.

It was only last year that Clearwater’s director John Risley, who founded the company in 1976, indicated that he would be looking to markets outside Canada for growth and Britain is clearly one of those. In fact Clearwater is already sending lobsters to Britain and Europe by air.

Commenting on the fourth quarter results, chief executive Ian Smith said: “The momentum is continuing as we move forward. Sales volumes have remained healthy, with fourth-quarter volumes up 10 per cent from 2009 and annual volumes up five per cent, according to numbers from the company.”

He added: “The market for wild, premium and sustainable seafood remains quite strong on a global basis. Management believe Clearwater is poised to continue to deliver improved operating margins and earnings performance in 2011.”

Sales for the quarter period ended December 31st  increased to $77.8 million, compared with $68 million in the same period the previous year.

“The market for wild, premium and sustainable seafood remains quite strong on a global basis,” said Smith.