North American frozen fish giant High Liner Foods posted record-high cash flow last year, putting it in an improved position to explore mergers and acquisitions, the company said Wednesday.

Cash flow from the group spiked by $122.7 million (€113.4 million) over the past year, the result of strong sales despite pressure on consumer spending and higher costs, according to annual results.

The company boosted sales volume 2.4 percent on the year, though the value of sales was flat at $1.1