Clean Seas Seafood Ltd (ASX:CSS) has revealed a full year profit after tax of $0.2 million for FY17, which is a $9.2 million improvement from the $9 million loss after tax in FY16.
The company is an Australia-based breeder, producer and seller of Yellowtail Kingfish.
The company continues to achieve outstanding sales growth for its recently rebranded ‘Spencer Gulf Hiramasa Kingfish’, delivering a four-fold increase in sales volumes over the past three years.
The Spencer Gulf Hiramasa Kingfish was voted “Best Fish” at the 2017 Australian food awards, for the second year running.
Clean Seas has achieved a 13% increase in sales volume in FY17 over FY16 to 2,287 tonnes, or a 29% increase on a normalised basis excluding one-off clearance sales in FY16.
This sales growth was accompanied by improved farm gates and generated a 35% increase in cash receipts from customers for the financial year 2017 to $36.1 million.
Clean Seas’ results confirm the strong turnaround from the previous year with continued sales volume and revenue growth, reduced feed costs and other operational efficiencies.
Interestingly, this return to full year profitability comes one year ahead of the timetable outlined in the turnaround strategy formulated in early October 2016.