The Clean Seas CEO will make a presentation to the Meeting this afternoon. The Presentation is attached.
Highlights are:
Operational Review on track to deliver “right-sized” business, with sales and production at circa 3,000 tonnes per annum
Maintained pricing resilience at A$22.53/kg for H1 FY24 versus A$22.44/kg for H1 FY23 and A$23.02/kg for H2 FY23 in a highly competitive trading environment
Completed Tranche 1 placement of A$6.7 million and renewed A$32.2 million bank facility to support working capital and the operational review
Biomass reduction complete, expected to save A$11 million in feed costs over the next 14 months versus growing these fish to harvest size
Targeted reduction in fixed and variable operating costs of up to A$5.0 million per annum underway and on track
Ongoing elevated feed prices however some respite is expected in H2 FY24 with Fish Meal prices easing in Q2 FY24
For further information please contact:
Rob Gratton
CEO
rob.gratton@cleanseas.com.au