Sanford CEO Peter Reidie resigns, driving recovery for New Zealand’s largest seafood company
Craig Ellison, a Sanford board member since December 2021, will temporarily step into the role of CEO as the company commences its search for a permanent replacement. Under the leadership of Peter Reidie, who has been with the business since April 2021, Sanford has made significant progress in recovering its pre-Covid profit levels.
Chairman Sir Rob McLeod expressed gratitude for Reidie’s dedication and leadership during a challenging period defined by local and international business conditions, including market challenges, supply chain disruptions, labor shortages, high inflation, and geopolitical instability.
McLeod also highlighted that Reidie successfully navigated Sanford through these challenges and positioned the company for future growth. Prior to the pandemic, Sanford achieved adjusted EBIT of approximately NZ$60m ($36.9m), with EBIT rising by 73% to NZ$40.2m for the year ending September. In the first half of the current fiscal year, the company’s profit metric increased by 38.7% to NZ$26.6m.
While Reidie will remain on a contract basis to support the handover to Ellison, he stated that Sanford is well on its way to post-Covid recovery, allowing him to focus on personal and family commitments.
In May, Sanford reported a 2.5% improvement in first-half revenue, reaching NZ$277.6m. Sales revenue for the previous financial year was NZ$531.9m, showing an 8.6% increase. Net profit after tax (NPAT) nearly doubled in the first half to NZ$11.1m, compared to NZ$6.1m the previous year. Over the last 12 months, NPAT rose by NZ$39.6m to NZ$55.8m.
Reidie further highlighted the company’s strong global sales growth and demand for various seafood products, ranging from scampi and salmon to hoki and squid. Record pricing was observed across these species and more during the period.
