[ADELAIDE], 24 OCTOBER 2022:
Continued Strong Trading & Positive Operating Cashflow
• Q1 FY23 sales revenue of A$16.1 million is 6% ahead of Q1 FY22 while farmgate revenue of $A12.9 million is 13% up on Q1 FY22, despite the impact of frozen inventory clearance in the corresponding prior period
• Strong demand and the absence of surplus frozen inventory continues to drive pricing higher, with Q1 FY23 at A$21.78/kg versus A$14.16/kg in Q1 FY22, while farmgate revenue of $A17.49/kg is up 64% on the A$10.68/kg achieved in Q1 FY22
• On track to increase harvest for full year FY23 by circa 30% to maintain year-on-year sales volumes and optimal frozen inventory level
• Frozen inventory remained stable at target levels in Q1 FY23 compared to sales of 565t from frozen inventory in Q1 FY22
• The final harvest of surplus live biomass in August 2022 will drive reduced production costs in FY23
• Positive Operating Cash flows in the quarter of A$0.6 million was as a result of the strong trading performance. This has been achieved without the benefit of the sale of surplus frozen inventory
• The Company maintained cash and unused working capital funding of A$22.3 million as at 30 September 2022, plus an additional A$16.7 million of undrawn facilities to fund major capital works
Clean Seas Seafood Limited (ASX: CSS, OSE: CSS) (“Clean Seas” or the “Company”), the global leader in full cycle breeding, production and sale of Yellowtail Kingfish, is pleased to provide its Appendix 4C and Quarterly Activities Report for Q1 FY23, provided under Listing Rules 4.7b and 4.7c.
The complete report is attached.
For further information please contact:
Rob Gratton
CEO
rob.gratton@cleanseas.com.au