Oceana’s US unit proves to be a big catch
SA group’s chief says Daybrook Fisheries’ fish meal and fish oil production facilities offer more capacity than was estimated at acquisition in mid-2015
Fishing conglomerate Oceana Group says more upside exists at recently acquired US-based subsidiary Daybrook Fisheries than initially envisaged. The firm, which has Tiger Brands and empowerment group Brimstone as anchor shareholders, also moved to placate market jitters around future catch allocations in SA. Speaking at an investor presentation on Friday, Oceana CEO Francois Kuttel said that Daybrook’s fish meal and fish oil production facilities offered markedly more capacity than was estimated at the time of the acquisition in mid-2015. He said Oceana would not need to commit substantial capital expenditure to improve capacity as production efficiencies could be realised by adapting fishing strategies at Daybrook. In the half-year to end-March, Daybrook pushed revenue up 12% to $52m with operating profits rising 23% to $15.4m. The gross and operating profit margins fattened to 46% (previously 41%) and 30% (27%), respectively. Daybrook’s fish landings were up 5% with the production...
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