The group has risen to the challenges of toughened environments and reported a revenue of R575 million.
Premier Fishing and Brands has delivered a solid performance in 2021, reporting a revenue increase to R575 million for the year 31 August.
“Building on the resilience we generated in 2020, the group has once again risen to the challenges of toughened worldwide operating environments to deliver a creditable set of results,” says CFO Brent Robertson.
The group accredited the revenue to increases in demand from the squid, lobster, hake, and pelagic sectors. The squid sector particularly enjoyed a substantial turnaround due to the exponential improvement in the availability of the resource.
“Despite these promising numbers and a return to better catch rates, we remain cautious, as none of us have a crystal ball to predict what the further fallout of Covid-19 related damage may be,” Brent says. “Hence, our continued position to preserve our cash. We believe this to be the wisest move and in the best interests of all our stakeholders.”
He adds that the group will therefore continue to implement the necessary measures to mitigate financial pressures placed on it, to build on its long-term sustainability.
As in 2020, abalone sales remained depressed due to the adverse effects of Covid-19 on the Asian markets, although the group remains confident these markets are showing signs of recovery and will shortly provide further opportunities for Premier to penetrate these areas and recover its momentum.
The group has, however, continued with the expansion of its abalone aquaculture farm in Gansbaai, which has also been built with long-term sustainability and environmental principles in mind, producing one of the largest solar-powered abalone farms in the Southern Hemisphere.
