High Liner Foods of Lunenburg, Nova Scotia, Canada, reported on Wednesday that its annual sales for 2014 eclipsed USD 1 billion (EUR 881.8 million) for the first time ever.
Financial performance for value-added frozen seafood company, one of the world’s largest whitefish buyers, was unfavorably impacted impacted by a weakening Canadian dollar. Sales, however, still increased 11 percent over 2013 totals.
"We are pleased to report that our annual sales exceeded USD 1 billion in 2014 for the first time in the company's history. In domestic currency, sales increased by CAD 127.2 million in 2014, reflecting a 13.3 percent increase over the prior year and 17.1 percent compound annual growth since 2010," said Henry Demone, CEO. “Our two most recent acquisitions, American Pride and Atlantic Trading, helped bolster sales in 2014 by adding CAD 150.8 million to sales compared to American Pride sales of CAD 39.7 million in 2013.
Organic growth was a challenge for the company’s U.S. foodservice business, Demone added, as were significant increases in the cost of certain key species.
High Liner’s common shares trade on the Toronto Stock Exchange and closed Tuesday at CAD 23.071. The Company reports its financial results in USD and the average USD/CAD exchange rate during the fourth quarter of 2014 was 1.1356 and 1.1044 for the 53 weeks ended 3 January 2015.
For the company's full press release, click here.
