Angel Seafood achieves new monthly record for oyster sales and revenue

Angel Seafood ASX AS1 oysters 2021 sales demand Australia
During October, Angel Seafood sold 1.4 million oysters, which generated revenue of $1.2 million.

After a record September quarter, Angel Seafood (ASX: AS1) has achieved an all-time monthly high for October as demand for its sustainable and organic oysters grows and Victoria and NSW reopen.

The company revealed it sold 1.4 million oysters in October, which was 20% higher than September, and up 100% on August’s figures. The number was also a 120% increase on October 2020.

October’s record sales drove Angel to a new revenue all-time monthly high of $1.2 million.

Angel attributed the strong October result to added scale within the business and to mounting demand from Victoria and NSW as their economies reopened after COVID-19 lockdowns.

“We are very encouraged by the strong momentum we are seeing in our business,” Angel chief executive officer and founder Zac Halman said.

He noted the increasing demand for the company’s oysters was also a result of the company’s retail division which it has cemented over the past 18 months, combined with restaurant and food service channels reopening.

“We have been able to grow the Angel business across incredibly challenging times in the last 18 months.”

“We now have a record amount of healthy oysters on hand, ready to meet the surge in demand we are seeing across all key channels, and as we head into the peak demand period.”

Boosting oyster production

To meet the higher demand for its oysters, Mr Halman said the company’s initiatives to grow output to 20 million oysters per annum and increasing profitability were “progressing very well”.

“Efficiencies being achieved through the flip farm trial will increase production capacity and lower average costs going forward, and we are on track to sell our first-ever summer oysters in early 2022, which will extend Angel’s sales season to a full calendar year,” he added.

Record September quarter

The company’s best month to-date comes after it unveiled a record September quarter.

Revenue for the period was $2.1 million – up 5% on the previous corresponding period, despite the same number of oysters sold (2.7 million).

Angel noted the higher revenue was a result of an increase in the average price per unit – due to an improved sales mix and resilient underlying prices.

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