Canada-based frozen seafood giant High Liner Foods reported an increase in both earnings and sales during 2022, partly due to increased demand for its non-commercial businesses products and higher sales to the quick-service and casual-dining restaurant segments.

The company posted earnings before interest, taxes, depreciation and amortization (EBITDA) of $104 million (€98 million) and a gross profit of $54.8 million (€51.7 million), which was an increase of 14.9 percent and 12.8 percent, respectively, compared to 2021.

Full-year sales also increased, and the company reported revenue of just over $1 billion (€941 million), a 22.2 percent, or $194.3 million, increase on last year.

High Liner continued to experience increased demand for its products across its non-commercial businesses, as well as higher sales and volumes in the quick-service and casual-dining restaurant segments, which are growth targets for the company.

High Liner Foods strong year and fourth quarter of 2022 was due to strong operational performance, business improvements, and investment in key customer, supplier, and distributor relationships, High Liner Foods President and CEO Rod Hepponstall said.

Its retail business also grew volume and sales due to investments in marketing and new business wins.

The company undertook pricing actions to counteract the impact of inflation, but demand from both the foodservice and retail businesses remained strong.

It plans to continue executing its branded and value-added strategy, Hepponstall said.

In November, the company increased its credit facilities from CAD 150 million (€110.6 million/$110.8 million) to CAD 200 million (€147.4 million/$147.7 million), in order to "further capitalize on the opportunities ahead."

The company attributed the rise in net debt to increased investment in inventory.

Tracking trends in seafood markets