Clean Seas Seafood Expects NPAT Between A$1.5 million to A$2 million

Clean Seas Seafood Limited (ASX:CSS) has decided to settle the Feed Litigation in December. Initiatives taken to reduce costs and conserve cash, along with better than anticipated sales during the lock down have positioned CSS well during ongoing COVID-19 uncertainty.

For the full year FY20, after Tax Statutory Profit is expected to range in between A$1.5 million to A$2 million. Although the Q4 sales were sales were materially impacted by COVID-19 restriction, the company’s focus on non-restaurant channels in Australia has aided in underpinning sales during the shutdown and later re-opening of restaurants at limited capacity.

Global sales volumes in June recovered to 77% as compared to prior year. For next 12 to 24 months focus shall be to maximise cash generation opportunities.

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