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21 May 2021 SANFORD Name of Listed Issuer : SANFORD LIMITED ( SAN ) INTERIM FINANCIAL RESULTS for the 6 months ended 31 March 2021 Sanford Sees Continued Impact of Covid - 19 New Zealand's largest seafood business , Sanford Limited ( NZX : SAN ) , reports that its 2021 interim results are consistent with its most recent update to the market on 17th March 2021 . Challenging conditions continued during the six months due to the impact of the Covid - 19 pandemic on the demand for seafood and on international supply chains . Sanford reports net profit after tax ( NPAT ) of $ 16.2 million , which included a $ 13.3 million gain on sale for two non - core properties . This was 15 % below the $ 19.0 million NPAT for HY20 . Its revenue for the six months ended 31 March 2021 ( HY21 ) decreased 5 % to $ 233.5 million . Adjusted Earnings Before Interest and Tax ( Adjusted EBIT ) ¹ for HY21 was $ 10.7 million , 54 % lower year - on - year than HY20 $ 23.2 million , a period that largely preceded the impact of Covid - 19 . Overall conditions during HY21 are similar to the Covid - impacted second half of FY20 , which had Adjusted EBIT of $ 15.0 million , a similar year - on - year decrease of 53 % . Sanford says its second half tends to be seasonally stronger and it expects the same in FY21 . Key highlights : ● • • Impacts from Covid - 19 continue . Some early positive signs as markets start to reopen and new markets gain traction , although supply chain challenges continue Results consistent with recent market update Wildcatch performance was comparable to HY20 , salmon strong volume growth , mussels remain under pressure • Team engagement at all - time highs • Ready for reopening : positioned for foodservice reopening in key markets as vaccinations lessen Covid - 19 impacts Balance sheet remains strong and net debt reduced by $ 3m since September 2020 CEO Peter Reidie , who commenced the role in early April , says lockdowns and other necessary Covid responses taken worldwide have had wide - ranging effects . " Covid - 19 has had adverse effects on foodservice demand , prices , labour and supply chains , especially freight . However , we have been able to switch markets , processing plants and product formats to retain profitability . We continue to manage the Covid impact as best we can , whilst ensuring that we are better positioned for when foodservice markets reopen . " 1 Adjusted Earnings Before Interest and Tax ( EBIT ) is a non - GAAP measure . Reported Earnings Before Interest and Tax ( EBIT ) was $ 10.2m . The reconciliation is available in the presentation released today . E info@sanford.co.nz T +64 ( 9 ) 379 4720 F +64 ( 9 ) 309 1190 22 Jellicoe Street , Auckland 1010. PO Box 443 , Shortland Street , Auckland 1140 , New Zealand . SANFORD.CO.NZ