Tassal achieves record earnings
SHARES in Tasmania’s largest salmon producer have risen on the back of strong financial results.
Tassal says a 43 per cent increase in biomass to 21,760 tonnes of salmon produced helped the company achieve record earnings, with fish kept in the water longer to optimise growth and bigger margins.
That compares with a biomass of 15,164 tonnes at the end of last financial year.
The company yesterday announced revenue increased to $450.5 million last financial year — up 4.5 per cent on the previous year.
Annual profit was up almost 20 per cent to $58.1 million and the company recorded a $42.2 million operating profit, up 11.3 per cent.
Tassal shares rose 2.8 per cent to $3.91 yesterday.
Tassal managing director Mark Ryan said the company was in a strong position to continue its growth.
“With a strong balance sheet, increased biomass, and improved contribution margin, Tassal is well placed to continue its sustainable growth in FY2018 and achieve another record result,” Mr Ryan said.
“Combined with an optimised sales mix and the step change in biomass that Tassal has achieved, Tassal’s board expects to deliver another record result in FY2018.”
Mr Ryan said Tassal had achieved 100 per cent “out of lease” compliance on all its leases, including Macquarie Harbour.