Sanford has ‘turned the corner’ after Covid slump

Fishing company Sanford says it has ‘‘turned the corner’’ with its latest annual profit, resuming dividend payments that were halted during the Covid pandemic. New Zealand’s largest fishing company said net profit jumped to $55.8 million in the year to the end of September, from $16.2m the previous year. It was the company’s first annual profit increase in four years and included a $43.7m gain on the sale of three crayfish quotas for $52.7m in April and May. Stripping out onetime items, adjusted pre-tax profit rose 73% to $40.2m. Revenue rose 8.6% to $531.9m. Sanford’s profits had taken a hit as seafood demand slumped when restaurants and cafes closed and cruise liners stopped operating. The company said the effect of Covid was diminishing, with most markets open for business, demand lifting and in-market prices improved.