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Acquisitions boost Oceana

Acquisitions boost Oceana

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12th November 2015

By: African News Agency

  

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Oceana Group on Thursday delivered a strong set of results for the year to September underpinned by the acquisitions of the fishing assets of Foodcorp and the US-based Daybrook Fisheries.

The company said in a statement: “Volume growth across most sectors and improved pricing, bolstered by the effect of the weaker exchange rate on our export businesses, have further contributed to overall revenue growth.”

Turnover was up 22%, from R5-billion to R6.2-billion, and operating profit improved by 17%, from R880-million to R1-billion.

Oceana said costs of R80.8-million related to the Daybrook acquisition had been offset by foreign exchange gains on the settlement of the purchase consideration of R97.7-million.

Headline earnings a share came in at 588.2c, a 7% increase on 549.2c reported last time. A final dividend of 259c a share has been declared which, together with the interim dividend of 106c, brings the total dividend for the year to 365c a share.

Looking forward, the statement said, inclusion of operating results from Daybrook are expected to have a material effect on earnings, as is the El Nino effect being experienced in the Pacific Ocean. El Nino has negatively affected the outlook for the Peruvian anchovy landings for the rest of this year and possibly the first half of next, with the expected result of a firming of global fishmeal and fish oil prices.

Edited by African News Agency

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