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- Clean Seas Seafood (CSS) will launch new Kingfish products across Australian supermarket chains and has seen a continued recovery in sales from COVID-19 pandemic
- The company has seen a $3.1 million drop to $8.8 million in its customer receipts, compared to the previous corresponding period, due to foodservice closures surrounding COVID-19
- However, there has been a continued recovery in sales volumes, with Clean Seas at 88 per cent of pre-covid levels
- To boost sales, the company is launching new retail Kingfish products into around 100 supermarkets in October and November
- Clean Seas says this is an important first step in a broader rollout to develop into the Australian retail channel
- On the market this afternoon, Clean Seas is up 2.17 per cent and is trading for 70.5 cents per share
Clean Seas Seafood (CSS) will launch new Kingfish products across Australian supermarket chains and has seen a continued recovery in sales from COVID-19 pandemic.
Clean Seas is a global leader in breeding, producing and selling Yellowtail Kingfish and is known for its high-quality fish.
Through its partners, the company is launching new retail Kingfish products into around 100 supermarkets in October and November. Clean Seas says this is an important first step in a broader rollout to develop into the Australian retail channel.
The new products will be packed “ready to cook” to appeal to customers who are wanting high quality, sustainable and healthy alternative to the existing salmon based retail products.
First quarter of 2021
For the first quarter of 2021, the company saw a $3.1 million drop to $8.8 million in its customer receipts, compared to the previous corresponding period, due to foodservice closures surrounding COVID-19.
As a result of this, cost reductions totalled $1.2 million in the quarter and net cash outflow from activities was limited to $2.4 million.
However, the company reported its sales volumes are at 88 per cent of the prior year (pre-COVID-19 levels), showing the continued recovery in sales volumes. Total sales for the quarter were up 12 per cent on last year.
Clean Seas has $21.6 million to fund future operating activities, with an additional $17.1 million in undrawn facilities available for capital investment projects.
“It is the company’s view that while the ongoing COVID-19 disruptions will continue, the entry into retail product distribution is expected to deliver long-term growth from channel diversification that will complement Clean Seas’ existing global restaurant and premium food service business,” the company said.
On the market this afternoon, Clean Seas is up 2.17 per cent and trading for 70.5 cents per share at 1:21 pm AEDT.
