Angel Seafood quarterly report shows 2.7m sales of oysters, revenue of $2 million

Posted by Media Release Agency on 15th October 2020

Angel Seafood – the largest producer of certified organic and sustainable pacific oysters in the southern hemisphere, have recently shared their quarterly ASX report.

Key things:

  • Record sales of 2.7m oysters, up 78% on pcp and an all-time record high, driven by Angel’s ‘multi-bay’ strategy and retail sales momentum
    • Angel was the first company to adopt a game-changing and leading multi-bay strategy that consolidates farming from spat to mature oysters to produce high continuity in supply of oysters for different trading channels. 
    • The multi-bay strategy provides the business with a competitive advantage to optimise growth conditions and fast track production and revenue as production per hectare of water is higher than traditional farming methods
  • Revenue of $2.0 million, up 71% on pcp.
    • Cash receipts from customers were $1.9 million, up 50% on pcp.
  • Strong stock position coming into peak demand period
    • 22 million graded oysters now in stock with a biomass of 256T, a 31% increase compared to biomass of 196T as of 30 September 2019

To read the full report, click here.