Sanford achieves record half-year earnings, driven by salmon sales

Sanford (NZX:SAN) today announced a significant improvement in its half-year performance, with net profit after tax (NPAT) reaching NZD34.0m, a 110.0% increase compared to the prior comparative period (pcp). Revenue rose by 3.6% to NZD286.0m, while adjusted EBIT increased by 40.3% to NZD54.0m. This strong performance was primarily driven by excellent results in the salmon business and improvements in the mussel sector, despite challenges within the wildcatch fleet. The company's operating cashflow saw a substantial increase of 497.6%, reaching NZD49.6m. Net debt decreased by 25.1% to NZD165.1m. The company has declared an interim dividend of 5.0 cents per share, consistent with the previous year. Sanford anticipates some softening in the second half due to market price pressures and seasonal volumes.