[ADELAIDE], 25 JANUARY 2023
Continued Strong Trading & Discontinuation of Quarterly Reporting Requirement
o H1 FY23 sales revenue is A$34.2 million, up 10% on H1 FY22, while farmgate
revenue is A$26.9 million, a 11% increase on H1 FY22.
o Strong demand and an improved sales mix given the absence of surplus frozen
inventory continues to drive pricing higher, with H1 FY23 at A$22.43/kg versus
A$16.03/kg in H1 FY22. Farmgate revenue of $A17.65/kg is up 41% on the
A$12.51/kg achieved in H1 FY22.
o H1 FY23 harvest volume was 1,588t, an 18% increase on H1 FY22, while frozen
inventory remained stable at target levels in H1 FY23 compared to a reduction of
625t in H1 FY22 due to clearance sales of surplus frozen inventory.
o Positive Operating Cash flows delivered in Q2 and H1 FY23 despite higher input
costs, particularly feed, and a lower than expected feed conversion in the early
part of the current growing season. As a result of continued positive Operating
Cash Flows, the ASX has ceased the requirement for Clean Seas to publish
Appendix 4C quarterly cash flow and activity reports.
o The Company renewed its A$32.15 million Funding Agreement with the
Commonwealth Bank of Australia in December 2022. Clean Seas maintained cash and
unused working capital funding of A$22.7 million as at 31 December 2022, plus an
additional A$17.0 million of undrawn facilities to fund major capital works.
The full ASX announcement is attached.
Authorised for release by the Chairman of Clean Seas Seafood Limited.
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