Australian yellowtail kingfish producer Clean Seas Seafood is to list on the Oslo Euronext Growth market.
The company today requested an immediate halt to trading on the Australian Securities Exchange, where it is already listed, in anticipation of the announcement.
Clean Seas is the largest producer of yellowtail kingfish outside Japan, according to analysts at Sparebank 1 Markets, who are set to arrange a presentation of the company on May 4. It joins land-based producer The Kingfish Company, which also has a listing on the Euronext Growth market.
Clean Seas saw sales volumes continue to climb in the first half of its 2021 financial year, thanks to channel and market diversification and an easing of lockdown restrictions, it reported in February.
Total sales volumes for the six months nudged up 3 percent year on year to 1,444 metric tons, a substantial 42 percent rise over production during the prior six months, which were impacted by issues related to the pandemic.
In addition to its push to diversify markets and sales channels, the group also benefited from a recovery in Clean Seas' existing foodservice business as lockdowns eased in various markets, particularly in Clean Seas’ key Australian market, which performed strongly.
While the ongoing COVID-19 disruptions are likely to continue, the entry into retail product distribution is expected to deliver long-term growth from channel diversification that will complement Clean Seas’ existing global restaurant and premium foodservice business, said the company.
Gratton, the company's former CFO, was named acting CEO of Clean Seas in August following the resignation of David Head.
Last year was a bad one for Clean Seas, almost entirely because of the COVID-19 pandemic and its impact on foodservice channels.
The group reported a statutory loss after tax for the year ending June 30 of AUD 14.5 million (€8.8 million/$10.7 million), which compares with a statutory profit after tax of AUD 1.5 million (€915,000/$1.1 million) in 2019.
Underlying operating earnings before interest, tax, depreciation and amortization (EBITDA) amounted to a loss of AUD 7.2 million (€4.4 million/$5.3 million) and revenues fell to AUD 40.3 million (€24.6 million/$29.8 million) in 2020, down 13 percent year on year.
The group was hit hard by the worldwide government lockdowns in response to COVID‑19, which effectively closed in‑restaurant dining in most markets globally.