Sealord nets a profit and pays dividend

Sealord nets a profit and pays dividend

Sealord Group Ltd has reported a net profit after tax of NZD$25.4 million for its financial year ending 30th September 2014.

The result marks a return to profit for the Group following the exit from its Argentine fishing investment the previous year.

The result has enabled Sealord to declare a dividend of NZD $10.5 million to its shareholders.

Company revenues of NZD $448 million were slightly lower on the previous year due to unfavourable foreign exchange movements.

According to Chairman Matanuku Mahuika, the result represents a significant turnaround from the previous year.

“I’m pleased we have delivered on our commitment to return to profit in 2014. This is a result of Sealord’s focus on optimising margins in a competitive global environment, along with tight cost controls.

“There has been good growth in the key Australia and New Zealand markets and the efforts of our joint venture partners – the Westfleet fishing business in Greymouth and Petuna aquaculture in Tasmania – have made a positive contribution to the result.

“There is still work to do to ensure Sealord is well positioned into the future, as evidenced by the recent wetfish factory changes” says Mahuika, “But it is good that Sealord has returned to its legacy of delivering a dividend to shareholders, something it did each year for more than a decade prior to 2013”.

CEO Steve Yung says the results reflect the underlying stability of Sealord Group and provide a good platform for growth.

“Sealord Group has come through a difficult period and has made some tough decisions to make sure that the business is structured correctly for the future,” says Yung.

ENDS

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