New Zealand seafood company Sanford Limited has released its Q3 FY23 update, reporting strong pricing in its Wildcatch, Salmon, and Mussels divisions.
However, the company experienced lower volumes due to reduced squid and ling catch and adverse weather conditions impacting mussel harvesting.
Wildcatch pricing was up 30.9% compared to the same period last year, but sales volumes were down due to reduced catch and timing of sales.
Mussels pricing was up 35.9%, but sales volumes were down 20.7% due to extreme weather conditions and water space closures.
Salmon pricing remained strong, up 20.3% on the prior year, with consistent sales volumes.
The CEO highlighted strong demand and pricing, but acknowledged that sales volumes were down across the group compared to the same quarter last year.
The Mussel division was particularly impacted by water space closures and inclement weather.
The CEO expects the Salmon division to continue its momentum into Q4, while the Mussel division is showing early signs of recovery.
The company's new bioactives plant has experienced productivity issues.
The Wildcatch division was impacted by reduced catch, but demand and prices for whitefish remained strong.
