Clean Seas continues strong sales streak, posts record revenue in Q3

Published on
April 25, 2022
A Clean Seas yellowtail at once of its farms.

Port Lincoln, South Australia, Australia-based Clean Seas has continued its streak of strong sales in Q3, resulting in record revenue.

Clean Seas is a full-cycle breeder, farmer, processer, and marketer of yellowtail kingfish. Itreported revenue of AUD 17.6 million (USD 12.6 million, EUR 11.7 million) in Q3 2022, bringing the company’s total year-to-date revenue to AUD 48.8 million (USD 35 million, EUR 32 million), a 38 percent increase on its year-to-date revenue in 2021. The increase in Q3 is on the back of strong performances in Q1 and Q2, both record quarters for the company.

The company also posted a record year-to-date sales volume of 2,875 metric tons (MT) – up 49 percent on the same period in 2021. Price increases across key categories increased the company’s year-to-date revenue per kilogram to AUD 16.97 (USD 12.18, EUR 11.33).

Clean Seas said the results were the result of price increases and the sale of discounted frozen inventory, in addition to the return of premium foodservice channels.

The positive performances in all three quarters of 2022 represent a rebound from 2020, when the reported lower results due to the COVID-19 pandemic. The core driver for the success, according to Clean Seas, is growing recognition in the marketplace of the quality of the company’s products. 

“Demand for Clean Seas’ premium ocean reared yellowtail kingfish continues to expand as awareness for the species develops around the world,” the company said. “Clean Seas remains committed to providing the market with the highest-quality fish, a native species grown in its natural waters of the Spencer Gulf in South Australia, while also aiming to be the lowest-cost and most-sustainable producer of yellowtail kingfish globally.”

The company’s overall goals for FY2022 are to activate new farming sites, to bring its biomass and frozen inventory into balance, and to simplify its capital structure and redeeming convertible notes. Clean Seas said two of its remaining goals, developing new channels and markets and achieving significantly lower costs of production, are both on track.

“Clean Seas has continued to benefit from the growing awareness and acceptance of yellowtail kingfish globally, reporting record sales volumes and revenues,” Clean Seas CEO Rob Gratton said in a release. “With further progress optimizing working capital we continue to see a reduction in our cost of production, delivering on our goal of becoming the lowest-cost producer of kingfish in the world, whilst retaining our quality, sustainability, and provenance leadership positions.”  

Photo courtesy of Clean Seas

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