Statement from the Chair

Friday December 11, 2020

To state the obvious, what a hell of a year it's been!

On behalf of the board, I am very pleased to be able to report that the company has got through this calendar year incredibly well. In no small part, that is due to the quality and dedication of our staff. So a very big thanks to every staff member.

Our financial performance is on plan for the year to date.

That is a credit to how quickly the Chinese economy has rebounded, and to the quality of our close relationships with our Chinese customers. None of us should underestimate what a fantastic job China, and our Chinese customers have done to rebound like this.

Unfortunately, as at the date of this report, it is a tale of two countries. Australian product cannot be exported to China, so our Australian sales are almost all domestic. It is not clear how long that will go on for. But it will have an adverse impact on our SALCO performance for the balance of the financial year.

In contrast, New Zealand is doing very well. There is very strong demand out of China, and the beach price has been exceptional. The total volume of landings to date is well ahead of what we could have expected. And we will almost certainly have landed the full year's catch well before the end of the fishing year. Given that we have 10% more to catch this year, that is a very nice outcome.

On behalf of all of the board, I take the opportunity to wish everybody a very Merry Christmas, and a well deserved holiday.  

Bryan Henderson | Fiordland Lobster Company | Chair