Huon Aquaculture Group Limited has delivered solid returns with net profit of $25.9 million for its maiden half yearly results which ended 31 December 2014.
Having recently listed on the ASX, the Tasmanian company experienced an 11.5 per cent increase for the same period last year and a solid return on assets at 16.5 per cent.
Huon Aquaculture Group Managing Director and CEO, Peter Bender, said the half yearly result reflected efficiencies across all production activities during that period.
“These results indicate that we are already starting to see the benefits of our business strategy and in particular the implementation of our Controlled Growth Strategy,” Mr Bender said.
“The key operational initiatives that we implemented as part of our Controlled Growth Strategy are already demonstrating improvements in efficiency, production growth, quality and consistency.
Huon Aquaculture has also seen improvements in production cost per kilogram, which has reduced by $0.54 to $6.09, representing a 9% reduction on the same period last year.
“We are pleased to see our new fortress pens are working effectively to reduce fish losses compared to our old style pens,” Mr Bender said.
“In addition, there has been a 66 per cent decrease in seal entries averaged across all pen types between calendar years 2013 and 2014.”
A national fresh branded presence in a major retailer in the latter half of first half of 2015 saw the company increase investment in communication at point of purchase to help grow the initial share of sales in the chilled seafood category.
“In the second half of 2015 we will continue to drive profitable growth in the key wholesale market as well as increasing market penetration in all sales channels including retail and export,” said Mr Bender.
Huon Aquaculture has also re-established appropriate export channels into key Asian markets to distribute additional volume from stronger than expected production growth in first half of 2015 and will continue to utilise export channels to distribute additional volumes for the remainder of the year.