Murray Cod Australia (MCA) H1 2025 earnings summary

Executive summary

• Net profit after tax reached $1.33 million for 1H FY25, reversing a prior loss of $2.73 million, driven by improved operational performance and biological asset growth.

• Revenue increased 4.35% year-over-year to $4.77 million, with growth in fish biomass and sales in line with company plans.

• Long-term biomass growth strategy remains on track, with inventory of larger fish increasing 47% to 1,577 tonnes in 1H FY25 compared to 2H FY24.

• Export channels expanded, especially into Southeast Asia, and new distributors onboarded; efforts underway to re-open dormant sales channels and develop fixed sales arrangements for FY26 and beyond.

• Stanbridge site completion is on schedule for Q4 FY25, with 49 of 78 ponds stocked; Bilbul site expanded with adjoining property purchase.

Financial highlights

• Fish sales rose 6.9% to $4.7 million in 1H FY25 compared to $4.4 million in 1H FY24, driven by focus on larger fish inventory.

• Net gain in biological assets increased 84% to $17.3 million in 1H FY25 from $9.4 million in 1H FY24; biological assets now valued at $45.8 million, up 79% year-over-year.

• Earnings per share: 0.13 cents basic, 0.12 cents diluted (compared to -0.36 and -0.34 cents, respectively, in the prior period).

• Net tangible assets per share remained steady at $0.09.

• Cash on hand at period end was A$4.23 million, with an additional A$22.6 million in undrawn bank facilities.

Outlook and guidance

• Focus on crystallizing value from increased inventory over the next 12 months, with new and re-opened international markets targeted, including China, USA, Japan, and Europe.

• Halal and Best Aquaculture Practice (BAP) 6.0 sustainability certifications underway; China export registration for Aquna Cod expected in Q4 FY25.

• Stanbridge site to be fully operational by 2H FY26, supporting further biomass growth and expanded sales.

• Directors expect the company to have adequate resources to continue operations for the foreseeable future.

• Domestic expansion to premium restaurants and increased brand awareness planned as inventory grows.