New Zealand seafood company Sanford posted encouraging numbers for the first half of its 2023 financial year, with its farmed salmon business contributing particularly strongly to the results.

The diversified company reported a 38.7 percent increase in adjusted earnings before interest and tax (EBIT) of NZD 26.6 million (€15.4 million/$16.7 million), with revenue up 2.5 percent to NZD 279.6 million (€162.4 million/$175.6 million) for the six months ending March 31.

Sanford CEO Peter Reidie said despite these improvements, labor shortages and cost pressures have kept the seafood company from returning to pre-COVID levels of profitability.