26 May 2011

Sanford profit rises

9:01 am on 26 May 2011

Listed fishing company Sanford's half year profit has more than doubled as its catches grew and it gained higher prices for exports.

The company made $13.1 million in the six months to the end of March compared with $5.3 million for the same period the previous year.

Revenue rose 23% to $228 million, and most prices for the fish the company catches rose.

Sanford managing director Eric Barratt expects the seafood prices to remain at high levels despite high fuel costs and the high New Zealand dollar.

Chairman appointed

Meanwhile the company has appointed Jeff Todd as its chairman.

Mr Todd has been acting chairman since earlier this month, after chairman Bruce Cole died following a short illness.

Mr Cole was first elected to Sanford's board in 1987, before becoming deputy chairman in 2004 and chairman in 2006.