Quarterly Update & Appendix 4C for Rare Foods Australia Ltd
Key points
- Biomass recovery verified with 196T as at 31 Dec 2024 (+30T or +18% vs. Dec 2023)
- Operating cost reductions of $440k achieved
- Subsea Estate brand launched and first subsea wine sales commenced
Full summary
Rare Foods Australia Ltd (ASX: RFA) reported its quarterly update and Appendix 4C for the period ending 31 December 2024. The company's core business saw a 18% increase in biomass to 196 tonnes, supported by the implementation of a cost reduction strategy that delivered $440k in savings. The company also progressed its 7-year Ranch Management Strategy and completed its 2024 juvenile abalone deployment program. In its growth initiatives, the company launched the Subsea Estate brand, retrieved the first subsea wine production, and achieved record sales of $66k for its Subsea Estate Cellar Door. The company also progressed the Esperance Aquaculture Precinct project. Financially, the company receipted a record $2.1m R&D refund and reported positive net cash flow from operations of $0.94m for the quarter.
Guidance
The company expects to continue pursuing growth opportunities in its core abalone business and Subsea Estate brand during the 2025 financial year.
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