Adelaide, South Australia, Australia-based yellowtail kingfish farmer Clean Seas reported a strong first quarter of FY2022, with record sales and an increase in revenue.
According to the company’s quarterly activities report published in mid-October, Clean Seas’ strong sales growth continued in Q1, thanks in part to COVID-19 restrictions lifting in Europe. The company also credited new channels and markets – such as specialty retailers, online offerings, and trial distribution at major supermarkets – with allowing it to gain traction in Australia, Europe, and North America.
The company said European sales have been “exceptionally strong,” with revenues up 98 percent on Q1 FY21 and 97 percent ahead of Q1 FY20.
The company also reported record year-to-date sales volumes in FY22 of 1,066 metric tons, up 44 percent on the same period in FY21 and 62 percent ahead of FY20. Sales revenue of AUD 15.1 million (USD 11.4 million, EUR 9.8 million) also exceeded Q1 FY21 and Q1 FY20 by 38 percent and 32 percent, respectively.
Clean Seas also registered a positive operating cash flow of AUD 2.1 million (USD 1.6 million, EUR 1.4 million) in the quarter for the first time since FY18. The company attributes the positive cash flow to record receipts of AUD 14.8 million (USD 11.1 million, EUR 9.6 million), in addition to cost savings.
Clean Seas CEO Rob Gratton said the company is "delighted" with its Q1 performance.
“Clean Seas has had a very strong quarter, and we are thrilled with the record sales result despite the ongoing lockdowns impacting our key domestic premium restaurant business,” he said.
Gratton also announced Clean Sea's Fitzgerald Bay farm has opened, giving the company the ability to triple its production.
“Demand for our fish has never been stronger, which is a testament to our successful diversification and also the tremendous growth in the awareness and appreciation of yellowtail kingfish,” he said.
Photo courtesy of Clean Seas
