Sanford scuttles dividend, aims to scale down costs

Thu, 12 Nov 2020

Sanford will not pay a final dividend after seeing net profits tumble by almost half to $22.4 million for the year to September from $41.7 million last year.The country's largest seafood company saw its total revenues diluted by 14 percent to $468.8 million for the year, from $545.1 million, attributing it to lower sales to restaurants and hotels because of global covid-19 lockdowns, particularly into the important North American market.Ongoing issues with its high margin toothfish catch were also a problem.In a market update last week, the...

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