- Revenue growth of 18.2% YoY to S$17.1 million in H1 2021 while production costs across farms in Australia and Singapore have declined
- Demand continues to outstrip supply in Australia and China
- Saw successful listing on Euronext Growth Oslo earlier in August 2021, which raised approximately NOK 119.1 million through private placement
Singapore, 29 September 2021 – Barramundi Group (Euronext Growth Oslo: BARRA) reported steady growth momentum in the first six months of 2021, across its key sales markets in Singapore, Australia, and China.
The Group achieved strong revenue growth in the first half of 2021 as the company reported H1 2021 sales at S$17.1 million, a 18.2% increase over its H1 2020 revenue of S$14.5 million. The increase in revenue was achieved through higher selling prices in Singapore due to a change in customer mix, and sales volume growth in Australia.
Barramundi Group’s in-house processing and product development facilities Fassler Gourmet saw a sales revenue growth of 16.7%YoY to S$5.6 million, due to new customer acquisitions, as well as strategic sales and marketing partnerships. UVAXX has embarked on a number of research and development with local partners, including working with Singapore’s Agency for Science, Technology and Research (A*Star) to develop a vaccine against the scale drop disease virus in Asian sea bass.
In terms of production performance, the Group achieved a total biomass of 2,237 tonnes across its Singapore and Australia operations. In addition to its vaccination program, the Group continues to further improve its operations across its husbandry practices, feeding regimes, and infrastructure.
Mr Andreas von Scholten, Chief Executive Officer of Barramundi Group, notes that the company’s 2021 performance to-date is reflective of the changing global palate and a growing demand for responsibly produced protein. Mr von Scholten said, “Our strong sales growth performance in H1 2021 in the midst of a global pandemic is a testament both to the hard work of our team and a growing consumer demand for sustainably grown barramundi as a protein of choice. Even though we have had to adapt certain parts of the business due to changing business conditions caused by COVID-19, we are heartened by the fact that demand continues to be strong. In Australia and China, demand continues to outstrip our current production capabilities..”
Commenting further on the Group’s recent listing on Euronext Growth Oslo and its medium to long term growth plans, Mr von Scholten added, “We believe that our continued efforts towards sales volume growth, cost rationalisation and streamlining of operations within our integrated aquaculture value chain places us firmly on the path towards our goal of achieving at least a three-fold growth in production to 7,000 tonnes by 2026.”
Over and above the Group’s plans to grow production, it is planning for a significant expansion in Australia through the application for new sea leases.
Barramundi Group H1 2021 Business and Financial Update Call
Barramundi Group (Euronext Growth Oslo: BARRA) will present the business and financial update for the first six months of 2021 to investors, analysts, and media on Wednesday, September 29, 2021, at 10:00 CET / 16:00 SGT. The online presentation will be followed by a Q&A session. Both will be hosted by Group CEO Andreas von Scholten.
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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.