Tassal Group Limited (ASX: TGR) – Tassal announces FY18 results, buys up prawn farms

Tassal Group Limited (ASX: TGR)

While Tassal group inked the deal with Fortune Group to acquire their prawn business, the company also published its full year results for the period ended 30 June 2018.

The company posted record revenue and operating profit of $509.5 million and $50.31 million, respectively, reflecting an increase of 13.1% and 19.2%, respectively, on FY17. The group has observed significant growth in salmon market even to the extent that salmon demand has outpaced supply. However, statutory net profit after tax lowered to $57.29 million from $58.08 million in FY17, on the back of lower SGARA uplift compared to prior year.

Group’s wholly owned subsidiary De Costi Seafoods has shown continued growth in salmon and seafood business recording operational EBITDA of $13.9 million compared to $12.7 million in FY17.

Final dividend increased by 6.7% to 8 cents per share, payable on 28 September 2018. This takes total dividend to 16 cents per share in FY18.

Mike Carroll stepped down to continue as non-executive director of the company.

Ahead of strong revenue growth and strengthened seafood supply chain from prawn farms acquisition, TGR edged up 3.417% to $4.540 on 24 August 2018.

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