Nice results for centenary

While conditions on terra firma remain challenging across most sectors of the economy, Oceana Group is showing that there’s a lot to be said for a life on the ocean wave. The group is celebrating its centenary this year, and while that milestone may have been a little overshadowed by the remembrance of the cessation of hostilities in the Great War, Oceana has certainly come a long way from a small operation canning kreef in Lambert’s Bay.

The company posted excellent results to mark its centenary, with strong performances across the group and a focus on operational efficiencies leading to an 86% rise in headline

EPS. Very satisfactory news for Oceana is that the SA consumer, particularly when the wallet is feeling a squeeze, just can’t get enough of its Lucky Star pilchards.

Local waters have been reluctant to provide a decent supply of the humble little fellows — indeed, conditions in Namibia have been so dire that it has suspended pilchard fishing entirely — but Oceana has kept the tins full by importing, and margins have improved.

Its US operation, Daybrook, had a record seasonal catch, and the only stain on the escutcheon was the performance of CCS, its cold storage business, which suffered from the continued oversupply of storage space in Gauteng. The group’s focus remains on sharpening up its existing businesses while looking for volume growth, particularly in its sweet spot of canned fish. The industry is heavily regulated, and Oceana will need to fight its corner to ensure quotas keep flowing.

The SA consumer just can’t get enough of its Lucky Star pilchards