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Ocean Grown Abalone (ASX:OGA) achieves record annual harvest and sales revenue

Consumer
ASX:OGA
04 July 2021 10:00 (AEST)

Ocean Grown Abalone (OGA) has achieved a record abalone harvest of 75.9 tonnes for financial year 2021 (FY21).

The annual figure represents a 39 per cent increase on the prior financial year and a 38 per cent increase on its next largest, pre-COVID harvest of 55 tones in FY19.

OGA said the new record demonstrated growth in the company’s production capacity as well as ongoing optimisation efforts at its core ranch operation in Flinders Bay.

There, the company is focussed on further refining deployment, management and harvesting techniques to ensure maximum growth potential.

On top of its best ever harvest, Ocean Grown has achieved a record level of annual abalone sales, selling 72 tonnes of product last financial year.

The annual sales record for FY21 represents a 49 per cent increase on the previous financial year and a 36 per cent increase on its next best result in FY19.

Notably, the record represents unaudited revenue of $3.1 million.

On the back of its success, OGA credited its revised sales and marketing strategy for an increased demand in sales volume.

As a result, it claims to have opened new markets in Taiwan and the UK, with sales continuing through traditional channels throughout Hong Kong, Singapore, Sydney and Melbourne.

Ocean Grown Abalone CEO Rob Jorden said the company’s harvest and sales records were thanks to the entire team.

“We have strived to think differently about every facet of our work and this is beginning to be seen in the results we are achieving,” he said.

“The COVID environment has opportunities as well as obstacles and we need to be agile enough to change and adapt.

“We are now very focused on building our high-end brand with our strategic partners and growing our own domestic high-end customer base.”

The business recently refined its products to strengthen its Two Oceans Abalone brand, establishing strategic partners to sell its product to high-end food services and restaurants worldwide and negate the pandemic’s impact on market demand.

Shares were trading 15.4 per cent higher at nine cents each at market close on July 2.

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