Wingara AG Ltd (ASX:WNR) expects to achieve operating revenue in excess of $35 million in FY2019, an increase of 321% on FY2018.
The growth will be due largely to the successful recent completion of a number of strategic initiatives for the company.
These include the successful integration of the Auscto Polar Cold Storage acquisition, the physical completion of stage I Raywood development and improvements to the Epson facility.
READ: Wingara AG's proposed acquisition of Austco Polar Cold Storage provides diversification
Notably, the company also expects EBITDA in FY19 of at least $6 million, which is a 545% increase on FY18’s EBITDA.
Wingara Ag’s executive chairman Gavin Xing said: “I am pleased that the three major strategic initiatives for FY19, being the successful integration of Austco, the completion of stage I construction at Raywood and the improvements at Epsom, have progressed well.
“Wingara will continue to execute its multi-products, multi-region and multi-currency strategy to ensure adequate business risk management and provide a service-oriented platform for Australian farmers to reach Asia.”
Seller of agricultural products
Wingara sells agricultural products to the domestic and international markets, particularly focusing on the export of hay products to Asia.
The company has a combined throughput capacity of up to 200,000 tonnes per annum across its Bendigo, Raywood and Horsham processing facilities and storage capacity in excess of 80,000 tonnes.
The recently acquired Austco owns and operates a cold storage facility in Laverton North to the west of CBD Melbourne.
Austco’s facilities include blast freezing, storage, container loading and warehousing infrastructure and leasing areas.
Facilities are currently used for the freezing and storage of meat and poultry, while also providing production rooms available for boning and cooking.
