Why did Angel Seafood (ASX:AS1) close higher today?

  • February 23, 2021 05:29 PM AEDT
  • Team Kalkine

Angel Seafood Holdings Ltd (ASX:AS1), revealed that it registered record gains in the six months ended 31 December 2020, thanks to the raised demand for oysters. 

Gold MTF non-AMP

Here are some of the key statistics and highlights from the ASX announcement:

  • Revenue was registered 52% higher at $3.8 million while the price of the oysters remained steady.
  • As many as 5.1 million oysters were sold, 55% more than the last corresponding period. This was driven by sustained success of Angel’s multi-bay strategy and robust momentum in retail sales triggered the sales.
  • 20% reduction in operating cost was achieved via benefits of scale and productivity gains.
  • The Company seeks to double up the production capability and reach up to 20 million oysters per year.
  • The Company had stock position of 20 million oysters.
  • FlipFarming and ‘summer oysters’ trials commenced to enhance productivity and viability.
  • Placement worth $4 million accomplished to aid the coming period of growth.

Angel’s CEO and Founder Zac Halman said that the previous year was a challenging one and despite the challenges, the Company delivered record sales. He said that the outcome highlights the underlying strength of the business and hints on the further continuation of oyster demand.

Meanwhile, the share price ended the day’s session at $0.150 per share, up 3.448% with market capitalisation at $22.55 million.