Strong Q2 showing from High Liner Foods
The large North American seafood business High Liner Foods, which expanded into the Norwegian aquaculture sector last year, has reported a solid second quarter performance.
Based in Canada, High Liner also has operations in the United States. It announced a US $21.3m (£15.5m) rise to US $239.6m (£177m) , an increase of just under 10%. Sales volumes were around 6% higher.
Gross profit increased by US $0.8m, or 1.5%, to US $53.3m (£39m).
President and Chief Executive Paul Jewer said: “In the second quarter, we delivered higher volumes, sales and adjusted EBITDA compared to the prior year.
“Retail sales were up year-over-year and foodservice volumes improved compared to the last three quarters, supported by a later Lent this year.”
He added: “We will build on our strong start to the year by leveraging our diversified global supply chain alongside balanced pricing strategies and operational efficiencies to support both the top and bottom line.
"We are excited about the opportunities ahead as we continue to execute well, leverage our diversified supply global supply chain and integrate our two new brands, Mrs. Paul’s and Van de Kamp’s, unlocking synergies and expanding our footprint in the US retail market.”
Last year High Liner broke into the Norwegian salmon aquaculture sector with a sizeable CA $10m (£5.4m) investment in Andfjord Salmon, following an earlier CA $6.75m (£3.4m) investment in Norcod, the white fish farming business.
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