As communicated in earlier releases, Barramundi Group is in a process to find a strategic partner in Australia. Following discussions with various potential investors, Barramundi Group has now decided to also consider a complete divestment of the business.
In April 2022 Barramundi Group applied for 13 new licenses to grow the operations from its current volume of approximately 1,600 tonnes of yearly harvest volume into a long-term volume of 30,000 tonnes per year. This growth will require funding of a scale that cannot be borne by Barramundi Group alone.
As the half yearly report released 30 August 2022 shows, the Australian business is currently not profitable. Management is actively working on pricing adjustments and cost saving measures which are expected to result in improved margins that will bring the business closer to profitability.
An update on the progress on this project will be given no later than in the Q3 business and financial update, scheduled for 29 November 2022.
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About Barramundi Group
Barramundi Group brings great-tasting premium quality fish to the world, with sustainability at our core. The Group’s mission is to help close the world’s protein gap by tapping into the potential of barramundi. Through their pioneering, world-class research and technology, their sustainable best practices enables them to produce responsibly-farmed barramundi while safeguarding the world’s oceans and environmental resources.
As the one of the largest barramundi producers in Australasia, Barramundi Group operates through a unique end-to-end aquaculture model, with comprehensive in-house capabilities ranging from vaccine development, end-product innovation and processing, to hatchery facilities.
The Group also boasts a robust commercial reach across key markets including Singapore, Australia, China, Hong Kong, South Korea, and the U.S. Barramundi Group’s future growth plan looks to tap into the growing global demand for barramundi and the overall consumer trend towards sustainable consumption, which is projected to increase exponentially over the next five years.