Clearwater posts record-breaking Q1 after major acquisition
It was a record-setting first quarter for Clearwater Seafoods, which reported sales of CAD 116.2 million (USD 89.8 million, EUR 79.4 million) and an adjusted EBITDA of CAD 18.9 million (USD 14.6 million, EUR 12.9 million) to kick off 2016, up 54 percent and 94 percent respectively from the same period last year.
The uptick in sales revenues and adjusted EBITDA were attributed to higher volumes, higher prices and higher average exchange rates as well as gains associated with the acquisition of Macduff Shellfish Group Limited back in October 2015. The purchase of Macduff expanded Clearwater’s access to a supply of wild premium shellfish by more 15 million pounds or 20 percent, noted the company. These latest Q1 results are the first to incorporate Macduff earnings, which amounted to sales of CAD 25.8 million (USD 19.9 million, EUR 17.6 million) and adjusted EBITDA of CAD 2 million (USD 1.5 million, EUR 1.4 million).
Further growth is expected from Macduff, which acquired an additional four scallop trawlers and licenses (bringing their fleet to 13 mid-shore scallop harvesting vessels) along with additional preferred procurement access in whelk.
“We will continue to actively invest in access to supply of core species and other complementary, high demand, premium, wild and sustainably harvested seafood through improved utilization and productivity of core licenses as well as acquisitions, partnerships, joint ventures and commercial agreements,” said the company.
Clearwater will celebrate its 40th anniversary this year, kicking off its next five-year plan thereafter.