High Liner Foods posted over 8 percent earnings growth in FY 2024, and the company said it is planning additional investments in cod and salmon-farming companies as part of its long-term strategy.
For FY 2024, the company’s adjusted EBIDTA increased USD 8.2 million (EUR 7.8 million), or 8.6 percent, to USD 103.3 million (EUR 98.2 million), up from USD 95.1 million (EUR 90.4 million). Adjusted EBITDA as a percentage of sales increased to 10.8 percent, up from 8.8 percent.
"With 8.6 percent year-over-year adjusted EBITDA growth, we closed a year of volatile market conditions on a strong note, reinforcing both the stability of our business and the effectiveness of our strategy to drive profitable top-line recovery," High Liner Foods President and CEO Paul Jewer said.
The positive FY 2024 was capped off by a solid Q4 that also saw earnings growth. In Q4 2024, High Liner’s adjusted EBITDA increased by USD 1.9 million (EUR 1.8 million), or 8.7 percent, to USD 23.8 million (EUR 22.6 million) – up from the USD 21.9 million (EUR 20.8 million) it posted in Q4 2023. Adjusted EBITDA as a percentage of sales also increased to 10.1 percent, up from 9.2 percent.
While the company’s earnings increased, its sales values and net income both decreased in the quarter. Sales value decreased by USD 2.1 million (EUR 1.9 million), or 0.9 percent, to USD 235 million (EUR 223 million) in Q4 2024 – despite a sales volume increase of 1.3 percent to 59.6 million pounds. Despite the decrease in sales revenue and increase in sales volume, the company posted an increase in its gross profit in Q4 2024 – rising USD 2.3 million (EUR 2.2 million), or 4.7 percent, to USD 51 million (EUR 48 million).
"During the fourth quarter, we continued to drive improvements in the performance of our retail business, delivering profitable volume growth over the prior year quarter, while supporting foodservice operators during market softness with innovative, value-driven solutions,” Jewer said.
For the year, High Liner’s sales volume decreased by 21.2 million pounds, or 8.2 percent, to 235.8 million pounds. Sales revenue also decreased by USD 121.1 million (EUR 115.1 million) or 11.2 percent, to USD 959.2 million (EUR 912 million). Gross profit also decreased by USD 1.4 million (EUR 1.3 million), or 0.6 percent, to USD 217.3 million (EUR 206.6 million). However gross profit as a percentage of sales increased to 22.7 percent, up from 20.2 percent.
"As we successfully navigated market pressures of 2024, we ...
