- Yellowtail Kingfish breeders and producers Clean Seas is expecting global sales to continue rising over the next five years
- Consumers in Asia and North America are expected to account for the largest sales growth
- Last month one of the company’s major share holders invested an additional $6.6 million
- Clean Sea’s share price is up 2.47 per cent today, currently sitting at $0.83 apiece
Clean Seas informed shareholders it expects sales to continue to grow, as part of its vision and strategic plan for 2025.
The company believes the growing market in North America and Asia will drive sales, where 75 per cent of Kingfish sales come from frozen products.
During the 2019 financial year, sales in China grew 50 per cent in total, and North America by 30 per cent.
Sales in Australia and Europe also recorded growth of 17 per cent and 4 per cent respectively.
Clean Seas has a frozen range, SensoryFresh, which uses nitrogen rapid freezing on its product. It takes 22 minutes to freeze the fish, which is roughly 10 times faster than conventional freezing.
Additionally, promising results throughout the 2019 financial year also indicate a continual growth in sales over the next five years, according to the company.
Throughout the financial year earnings before interest, tax, depreciation and amortisation jumped 23 per cent to $5.9 million. However, profits dropped due to ongoing investment in biomass growth and market expansion.
In August, one of Clean Sea’s major shareholders, Bonafide, increased its holding in the company for $6.6 million, which also places the company favourably for ongoing growth.
The company’s Yellowtail Kingfish is used in several gourmet kitchens around the world , including at Gordon Ramsay’s London restaurant, Nobu in Milan and Rockpool in Australia.
Clean Seas won Best Fish at the Australian Food Awards in 2016, 2017 and 2018. It additionally took home the gold medal for the From the Sea category at the Delicious Produce Awards last year.
Clean Sea’s share price is up 2.47 per cent today, currently sitting at $0.83 apiece, as of AEST 12:06 pm.