New Zealand Coastal Seafoods has recorded a big uptick in sales.
The Christchurch, New Zealand-based seafood products and nutraceutical marine ingredient producer’s accelerating revenue has come as it continues to capitalize on the relaxing of Covid-19-related travel restrictions. The company reported sales of NZD 892,779 (USD 569,600, EUR 542,693) for the months of October and November 2022, a 25 percent increase on its total sales during the entire second quarter of fiscal 2022.
NZCS manufactures products including packaged cooked maw, abalone, bulk dried green shell mussels, and a range of nutraceutical ingredients that include powders and oils produced with oysters.
Its current revenue tally for the first half of fiscal 2023 hit NZD 2 million (USD 1.3 million, EUR 1.26 million) by the end of November, surpassing last year’s entire H1 sales by 27 percent even as the company expects a busy holiday season is still ahead.
NZCS said the increase “is underpinned by higher volume orders of premium marine products and bulk purchase orders into Australian and U.S. markets.”
“As travel restrictions associated with the Covid-19 pandemic continue to relax, the company has been able to undertake a number of business development initiatives across key Australasian markets,” NZCS CEO Andrew Peti said. “This has laid a very strong foundation for growth, and the executive team continues to advance a number of new commercialization opportunities that remain in the pipeline.”
The positive performance also stems from managing expenses, Peti said.
“Concurrently, the board and management have executed on a review of the company’s cost base which has resulted in a reduction of operating expenditure across select business units, to drive group margin growth while also exploring opportunities to accelerate sales through the nutraceutical division,” Peti said.
The publicly-traded company recently signed a memorandum of understanding with Australia-based Ingredients Plus to jointly develop a marine-based collagen product, with a production target set at 1,400 kilograms for the first 12 months.
Photo courtesy of New Zealand Coastal Seafoods
