Clean Seas Seafood Limited (AU:CSS) has released an update.
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Clean Seas Seafood Limited reports a challenging FY24 with a statutory loss of A$33.5M, contrasting with the previous year’s profit of A$6.0M, attributed to operational changes including biomass reduction and excess inventory clearance. Despite a decrease in Operating EBITDA, the company remains optimistic for FY25 with stronger foundations, anticipated cost reductions, and projected positive Operating EBITDA driven by improved fish performance and pricing. Key measures like the consolidation of farming operations and investment in automated feed technology are expected to enhance efficiency and support a return to profitability.
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