Organic pacific oyster producer, Angel Seafood, has reported a net profit of AUS$719,000 for the six months to 31 December after shifting its focus from restaurants to retail amid Covid-19 pandemic shutdowns.
The South Australian company’s 74% increase in post-tax profit follows record half-year sales of 5.1 million oysters, up 55% on the first half of 2020, generating revenues of AUS$3.8 million.
Founder and chief executive, Zac Halman, said the latter half of 2020 was a period of ‘significant progress and development’ for the company. “This is a fantastic outcome and demonstrates the underlying strength of our business and the continued demand for oysters,” he said.
Mr Halman outlined goals for the future, with the company aiming to double its annual production capacity to 20 million oysters a year. The company raised AUS$4 million in December to help fund its ‘3-pillar growth strategy’, which aims to increase productivity and pricing by positioning the company as a premium brand.
Angel Seafood is on its way to achieving the first pillar after a recent acquisition of 6.25 hectares on South Australia’s Eyre Peninsula increased its production capacity to 12 million oysters per annum.
The company has also focused on increasing its stock profile, investing AUS$380,000 in spat purchases during the second half of 2020 and beginning trials with triploid spat, which are sterile and grow faster than traditional juveniles.
Angel Seafood’s share price was up 7% on 23 February to AUS$0.15, giving it a market cap of AUS$23.34 million.