Seafarms Group (SFG ) H2 2024 earnings summary

Executive summary

• Continued investment in aquaculture expansion, with focus on Project Sea Dragon and Queensland prawn operations.

• Legal dispute over Project Sea Dragon's Deed of Company Arrangement (DOCA) remains unresolved, with an appeal pending.

• Sale of Farms 1 and 2 agreed for $13.5 million, settlement due April 2025, to release capital for further investment.

• Group produced 1,118 tonnes of prawns in FY24, down from 1,260 tonnes in FY23, reflecting weaker market conditions.

• Export sales of Black Tiger prawns increased, with strong demand in Europe.

Financial highlights

• Revenue and other income: $25.5 million in FY24, down from $26.0 million in FY23.

• Net loss after tax: $19.3 million (FY23: $15.4 million).

• Cash and cash equivalents at year-end: $1.2 million (FY23: $8.5 million).

• Net assets: $14.8 million (FY23: $34.1 million).

• No dividend declared for FY24.

Outlook and guidance

• Strategic focus remains on developing Project Sea Dragon as a scalable integrated prawn aquaculture project.

• Legal and financing uncertainties for Project Sea Dragon persist; resolution expected in FY25.

• Sale of Farms 1 and 2 to provide capital for ongoing operations and investment.