Industrials Materials

Clean Seas Seafood (ASX:CSS) Announces 1H FY25 Results

ClubAI 5:32 pm

Financial Performance

Clean Seas Seafood reported a 10.4% decrease in revenue to $30.5 million for 1H FY25, influenced by lower harvest volumes. The company recorded a statutory loss of $32.6 million, attributed to higher mortalities in the Year Class 24 cohort and a $14.0 million impairment of assets. Operating cash flows improved to $5.7 million, and free cash flows increased to $4.3 million.

Year Class 2024 Mortalities

The company experienced higher-than-expected mortalities in the Year Class 2024 cohort, resulting in an estimated harvest potential of 250,000 to 300,000 fish. An investigation identified a Condition Factor threshold of 1.30 to forecast harvest potential and sales volumes.

Merger Proposal from Yumbah Aquaculture

Clean Seas Seafood received a non-binding merger proposal from Yumbah Aquaculture Ltd, offering $0.14 cash per share with a scrip alternative. An Independent Board Committee (IBC) of CSS has determined that it is in the best interests of CSS shareholders to progress with the proposal, allowing Yumbah to conduct further due diligence until 24 March 2025.

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Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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