Squid deal boosts Premier Fishing. The acquisition of Talhado Fishing Enterprises in May came just in time for Premier to benefit from the exceptional catch rates for squid last year.

Premier Fishing says the squid industry has experienced exceptional catch rates over the past year, while the market for SA squid remains stable. So, it's purchase in May of a majority stake in Talhado Fishing Enterprises, the country's biggest squid harvester, was well timed. The acquisition has increased the number of Premier vessels utilised for catching squid to 22 from 4.

Reporting back for the year to end-August, the fisheries group said exceptional catch rates, increased sales volumes and the consolidation of Talhado from 9 May resulted in an increase of 431% in operating profits of the division.

Its lobster business also had a good year, with increased landings due to good catch rates as well as a bigger size mix for south coast rock lobster. The increased landings resulted in stronger sales volumes and prices were also higher, mitigating the effect of a slightly stronger rand in the first half of the year.

The group's small pelagics unit reported lower revenue and operating profit due to lower catch rates for pilchards, while its hake unit also reported a drop in operating profit due to unexpected repairs and maintenance work on a fishing vessel.

For the year, revenue rose 20% to R491 million and operating profit increased by 41% to R92 million. Headline earnings per share fell 9% to 31.6% due to a higher average number of shares in issue following last year's listing on the JSE. It's increased its dividend by 67% to 25 per share.

Its shares rose 4.1% to R3.80 yesterday.

South Africa's Premier Fishing reports strong year after acquisition of squid business - IntraFish

-- Fishing Watch (@FishingWatch) October 30, 2018