Higher hake catches and strong Lucky Star sales drives Oceana Group's profit growth

THE Oceana Group's operating profit increased by a striking 58% for the year to September 30 after the performance benefited from a strong turnaround in the Wild Caught Seafood segment and steady Lucky Star Foods results.

- EDWARD WEST

Headline earnings per share fell 38%, in line with expectations, after these benefits were offset by halving fish oil prices and after a higher interest bill. A total dividend of 285 cents a share was declared, 42.4% lower than the previous year.

"We have controlled what we can well, most key indicators improved. The African and US fishmeal and fish oil businesses saw strong operational performances, but softer global fish oil prices impacted revenue and profitability. Lucky Star Foods was solid as ever, and the Wild Caught Seafood segment delivered a turnaround, with operating profit significantly higher. It demonstrates the resilience of our diversified business model," said the CEO Neville Brink in a statement.

The hake business produced “an excellent performance and record earnings," in the Wild Caught Seafood segment, said Brink.