Record kingfish sales month for Clean SeasSpencer Gulf kingfish...

Record kingfish sales month for Clean Seas

Spencer Gulf kingfish farmer Clean Seas Seafood recorded a record sales month in March on the back of rising domestic restaurant and retail sales and a major shipment to North America.

The listed company reported to the ASX on Friday that it sold 425 tonnes of kingfish in March, including a 130-tonne sale to Hofseth North America to support new channel launches in that market.

This, coupled with the recovering restaurant sector and an increased focus on domestic channels helped Clean Seas reach 880t of sales that generated record third quarter receipts of $12.8 million.

The company said this was also achieved despite ongoing restrictions in Europe, a market that accounted for 40 per cent of Clean Seas’ sales pre-COVID-19.

“The encouraging result reflects the significant rebound in the Australian market and the diversification into new retail channels and markets,” the company said in its ASX statement on Friday.

“It is the company’s view that whilst the ongoing COVID-19 disruptions will continue, the entry into retail product distribution is expected to deliver long-term volume and sales growth.”

Clean Seas is the largest farmed kingfish producer outside of Japan, and the global leader in full cycle breeding and farming. It raises fingerlings at its Arno Bay hatchery, about 120km north of Port Lincoln, and then moves the juvenile fish to sea pens in Boston Bay, Arno Bay and further out to sea off Port Lincoln.

The company processes its fish at Royal Park in Adelaide and also has significant lease holdings at Whyalla and Wallaroo, which are currently untapped.

Meanwhile, Clean Seas shares were placed in a trading halt this morning pending a further announcement to the market on or before Wednesday.