Clean Seas Seafood (ASX:CSS) posts gains on strong YTD sales volume in FY22

Highlights

  • In its trading update announced today, Clean Seas Seafood stated that demand for its premium ocean reared Kingfish continues to expand across the world.
  • The Company has reported 31% growth in its sales volume against FY20.
  • Driven by the same, the stock price went on to gain more than 3% and close strong on the ASX.

Renowned seafood production Company Clean Seas Seafood Limited (ASX:CSS), via an announcement, provided a trading update.

The Company stated:

  • August Year to Day (YTD) sales volumes in FY22 are 772t versus 386t (+100%) in FY21 and 427t in FY20 (+81% vs the pre-pandemic period).
  • Sales volume have grown 31% against FY20.
  • FY21 Underlying EBITDA benefitted from a 31% increase in sales volumes.
  • Sales revenues have grown to AU$10.3 million, versus AU$6.2 million in FY21 (+66%) and AU$7.5 million in FY20 (+37.5% vs the pre-pandemic period).
  • Lockdown restrictions in New South Wales and Victoria have affected sales volumes to restaurants, though the new retail channel has offset this decline.
  • European sales have been robust, with revenue growth of 102% on FY21 and 123% ahead of FY20 in that area.
  • Stocking of new juvenile fish has started in the Fitzgerald Bay (Whyalla) farm site. Activating this location can increase Clean Seas’ overall production to 10,000t annually and indicates the Company’s confidence in the growth potential of Kingfish internationally.

The announcement revealed that along with secondary listing on Euronext Growth Oslo, the Company has completed a capital raise of AU$25 million.

Today, the stock CSS closed 3.636% higher at AU$0.570 per share.

Bottom Line

Clean Seas’ sales through to August FY22 have been accelerating, demonstrating a significant rebound and growth in volumes and revenues ahead of pre-pandemic levels.

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