- Expansion plans on track to meet 2026 goals with the completion of Brunei nursery facilities
- The Group reported strong B2B momentum and consumer demand
- Sustainable initiatives such as the WWF-Singapore partnership and a new diagnostic lab in Brunei continues to be a focus for Barramundi Group
Singapore, 29 November 2021 – Barramundi Group (Euronext Growth Oslo: BARRA) is on track to meet its 2026 goals, as the company reported strong progress against its key initiatives during its Q3 2021 business update, sharing new developments across all three strategic pillars of industrialising production, strengthening market positioning, and developing a sustainable barramundi ecosystem.
Production developments on track to meet 2026 goals
As part of its corporate strategy of improving and expanding production to achieve its goal of producing 7,000 tonnes by 2026, Barramundi Group welcomed industry veteran Vincent Erenst to the role of Chief Operating Officer of Production in August 2021. With close to four decades of aquaculture experience, Vincent will focus on strategic planning across key areas such as farming, processing, and improving survival and feed conversion rates.
With continuous improvement of its husbandry protocols, a new feeding strategy, and investment in feed fortification, the Group also saw significant improvement in animal health, with biological growth performing on model for its Australia operations, while Singapore exceeded expectations by tracking above model.
Barramundi Group also saw significant progress across a number of its infrastructure and expansion projects during Q3 2021. A key milestone includes the completion of its Brunei hatchery and nursery, which recently saw its second sea transfer during the quarter. In Singapore, site assessments have been completed for the Group’s new lease at St. John’s Island, and is on track for its farm licensing approval by early 2022.
Demonstrated strong brand positioning in key markets
Despite international COVID-19 restrictions continuing to impact HORECA markets, Barramundi Group continues to invest and strengthen its positioning in both established and new markets. Notably, the Group reported strong sales volume growth in both its key markets – Australia and Singapore – for the quarter. Driving this is its strong B2B momentum, as it welcomed established heavyweights in the restaurant and hotel industry as new customers, including prominent hotel chains Sofitel Hotels & Resorts, W Hotels, and Sheraton Hotels & Resorts.
Another key driver is Barramundi Group’s in-house processing and product development facilities Fassler Gourmet, which also saw strong performance in Q3 2021, as a result of its strategic partnership with leading e-commerce marketplace Shopee. The partnership saw a 194% growth in online sales revenue from Q2, with Fassler Gourmet rising to the top three meat and seafood brands on the platform.
Adding to its portfolio of innovative products that fully utilise the entire fish, Barramundi Group also launched two new premium value-add products – Collagen and Fish Maw soup packs – in Singapore under its consumer brand, Kühlbarra. The two new product offerings are also part of the Group’s continued efforts to provide a greater range of products catered to meet diverse consumer tastes.
Additionally, Barramundi Group continues to make inroads in China, with its products now stocked in all outlets of Shanghai’s premium supermarket chain, City Shop, as well as ensuring high visibility and engagement with key stakeholders of the HORECA sector through supporting B2B initiatives such as Food & Hotel China and Austrade events.
Continued focus on driving sustainable initiatives
Barramundi Group continues to drive initiatives that looks to make a positive impact on the environment and the wider aquaculture industry. The Group has kicked off its landmark partnership with World Wide Fund For Nature (WWF) Singapore to achieve the Aquaculture Stewardship Council (ASC) accreditation. The Group shared that the working team has commenced the initial farm visit and pre-gap analysis audit, with the aquaculture improvement programme on track to commence in Q1 2022.
Barramundi Group also announced that its in-house vaccines and veterinary arm UVAXX will establish a diagnostic lab in Brunei. Set to be operational by H2 2022, the new diagnostic lab will enable fish health experts on the ground to facilitate real-time, in-situ diagnostics and monitoring for its Brunei operations, and also support the wider aquaculture industry with diagnostic services and autogenous vaccines.
Reflecting on the progress achieved during the last quarter, Mr Andreas von Scholten, Chief Executive Officer of Barramundi Group, said, “Barramundi Group’s growth strategy is focused on three key areas: industrialising production, increasing our market share, and developing a sustainable barramundi ecosystem. The developments we have shared in our third quarter update demonstrates that we are well on the right track in making the strategic advancements needed for our growth strategy, which will in turn cement our position as the world leader in barramundi aquaculture and technology.
“Our strategic focus remains clear: to strengthen our offering and deepen our expertise in the aquaculture sector through continuous innovation and development, whether it is commercially or operationally. We are excited to see our continued efforts bring us closer to our goal of achieving at least a three-fold growth in production to 7,000 tonnes by 2026,” Mr von Scholten added.
Barramundi Group Q3 2021 Business Update Call
Barramundi Group (Euronext Growth Oslo: BARRA) will present its business update to shareholders, investors, analysts, and media on Monday, November 29, 2021, at 09:00 CET / 16:00 SGT. The online presentation will be followed by a Q&A session. Both will be hosted by the company’s CEO Andreas von Scholten.
Register in advance for the webinar:
https://us02web.zoom.us/webinar/register/WN_XBtqf3EqTdSURhfjLnNxYQ
After registering, you will receive a confirmation email containing information about joining the webinar.
For media and investor inquiries, please contact:
Andreas von Scholten Chief Executive Officer Barramundi Group Telephone: +65 6261 0010 Email: investors@barramundi.com
Helen Chow Chief Financial Officer Barramundi Group Telephone: +65 6261 0010 Email: investors@barramundi.com
Company investor centre
https://barramundi.com/investors
About Barramundi Group
Barramundi Group brings great-tasting premium quality fish to the world, with sustainability at our core. Our mission is to help close the world’s protein gap by tapping into the potential of barramundi. Through our pioneering, world-class research and technology, our sustainable best practices enable us to produce responsibly-farmed barramundi while safeguarding the world’s oceans and environmental resources. Operating farms in Australia, Singapore, and Brunei, we have control over the entire value chain – from farm to fork – with established sales and distribution networks in major cities all over the world. For more information, please visit barramundi.com.