Murray Cod Australia (MCA) H2 2024 earnings summary

Executive summary

• Achieved record biomass of 1,073 tonnes in FY24, with 5.1 million fish in stock and significant production scale-up at Stanbridge site.

• Revenue increased 22% year-over-year to $30.6 million, driven by higher average sale price and growing export sales, especially in Southeast Asia.

• Launched Aquna Gold Caviar, expanding product offerings and targeting luxury markets.

• Secured $20.4 million in equity capital and a $20 million financing facility to fund growth and Stanbridge completion.

Financial highlights

• Total revenue rose to $30.64M from $25.11M, up 22% compared to the previous year.

• Net loss before tax improved to ($6.2M) from ($7.3M), a 15% reduction year-over-year.

• Cash in bank at year-end was $20.75M.

• Tonnes harvested decreased by 18% to 353t, but biomass value increased 64% to $32.1M.

• Average sale price per kg increased 9% to $27.08.

Outlook and guidance

• Expecting a managed increase in volume of larger grade fish (2.5kg+) for sale, prioritizing restaurant and hospitality sectors.

• Anticipates further increases in average sale price per kg as biomass reaches optimum size.

• Expansion of export sales to Southeast Asia and new markets in the Middle East, Europe, UK, and North America underway.