Sanford shares a bumper catch

The increase is despite the company facing strong headwinds from both the currency and soaring fuel prices. Chairman Bruce Cole told the shareholders meeting the high exchange rates “continue to inflict a baleful influence.” The company’s average currency rate in the latest six months was $US0.77.2 compared with $US0.68.9 in the same period a year earlier and its fuel costs rose 24% – the latter increase was contained by efficiency gains since fuel prices rose an even steeper 50%.

Barratt still doesn’t think the first- half result was adequate. “I would like to see further improvement.”

If the analysts are correct, such an improvement is likely. Betting on continuing strong fish prices and a decline in the New Zealand dollar, just about all of them have a buy recommendation on the stock, despite the heady share price gains already achieved.

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