Tassal record profit, earnings growth & launch of prawn strategy & cap raise

Company News

by Jessica Amir

Tassal Group Limited (ASX:TGR) has reported a record yet, modest 2 per cent lift in its statutory profit, to $58.44 million in the year to 30 June 2019 underpinned by strong growth in salmon biomass and sales.

Operating NPAT rose 13 per cent to $56.6 million and operating cashflow rose 105 per cent.

Meantime, earnings (EBITDA) rose about 5 per cent to $91.2 million.

Tassal says salmon demand again outpaced supply and it’s expecting this to continue with a more gradual growth in supply over the short term, which will bolster Tassal’s returns.

TGR kicked off a prawn growth strategy, alarmed with the ‘know how’ to increase yield and prawn consumption per capita. At the same time, it announced plans to raise $108 million accelerated its plans, targeting production of 20,000 tonnes per annum

Tassal Group Limited (ASX: TGR) shares last traded at $4.72. Year-on-year it’s trading 7.5 per cent higher.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.