Clean Seas Seafood (ASX:CSS) announced financial results for the full-year ended 30 June 2022.
Increasing awareness and acceptance of Yellowtail Kingfish globally has driven strong revenue growth with full year FY22 revenue of A$66.2m, up 37% on FY21 and 64% ahead of FY20.
Pricing of A$17.61/kg, up 15% on FY21, reflects the premium quality, culinary flexibility and Spencer Gulf provenance of Clean Seas' ocean reared Kingfish.
Substantial reduction in excess live fish and frozen inventory has delivered a 19% decrease in production costs versus FY21. Further opportunity to reduce costs in FY23 with the final harvest of excess Year Class 20 fish concluded in August 2022.
The FY22 sales result combined with a focus on working capital has delivered improved underlying EBITDA and operating cash flow results versus FY21. FY22 underlying EBITDA is A$15.3m favourable to FY21 while net cash used in operating activities is favourable to FY21 by A$!6.1m.
FY22 Statutory Profit After Tax of A$8.7m versus a Loss of A$32.1m in FY22 was driven by improvement in operating earnings coupled with a significant increase in the growth of Live Fish biomass asset (+41%) and increase in valuation.
Following the announcement the company?s share price fell 0.840%.