Highlights:
- Sales of NZ$892,779 (AU$803,5021) generated during October and November 2022 - already a 25% increase on total sales during full period of Q2 FY2022 NZ$716,440 (AU$644,7961)
- Takes current H1 FY2023 sales to NZ$2,079,206 (AU$1,871,2851) – already a 27% rise on full period of H1 FY2022 sales of NZ$1,636,865 (AU$1,473,1781)
- Rapid increase is underpinned by higher volume orders of premium marine products and bulk purchase orders into Australian and US markets
We are pleased to provide this update on significant acceleration of sales growth during the December quarter to date.
New Zealand Coastal Seafoods achieved sales of NZ$892,779 (AU$803,5021) during October and November 2022 – already a 25% increase on sales generated across the entirety of the prior comparative period Q2 FY2022 sales: NZ$716,440 (AU$644,7961).
Recent sales momentum has flowed through to total sales of NZ$2,079,206 (AU$1,871,2851) in H1 FY2023 to-date, already a 27% increase on H1 FY2022 sales of NZ$1,636,865 (AU$1,473,1781) ahead of the busy December 2022 sales period.
The strong result has been underpinned by increased sales volumes of the Company’s premium marine products, predominately NZS’ premium dried ling maw, in both branded and bulk purchase formats.
The Company has also benefited from relaxed travel restrictions, which have allowed senior sales staff and management to travel to key Australasian markets for business development initiatives.
New Zealand Coastal Seafoods CEO Andrew Peti said: “The Company has made very strong progress in recent months, highlighted by a step-change in sales momentum during H1 FY2023. Pleasingly, October and November 2022 sales have already eclipsed the entirety of Q2 FY2022.
“As travel restrictions associated with the COVID-19 pandemic continue to relax, the Company has been able to undertake a number of business development initiatives across key Australasian markets. This has laid a very strong foundation for growth, and the executive team continues to advance a number of new commercialisation opportunities that remain in the pipeline.
“Concurrently, the Board and management have executed on a review of the Company’s cost base which has resulted in a reduction of operating expenditure across select business units, to drive group margin growth while also exploring opportunities to accelerate sales through the nutraceutical division.”