Dirty Clean Food brand grows in defining year for Wide Open Agriculture

Wide Open Agriculture (ASX: WOA) has unveiled its results for the financial year ending June (FY2022), which saw the company’s revenues increase by 115% to $9.3 million.

In what Wide Open described as a “watershed year”, its revenue growth was led by the further adoption of its Dirty Clean Food brand, along with the launch of several oat milk products.

The company continued with its ambitions to take on the global plant-based protein market – completing key milestones throughout FY2022, which included development of its Buntine Protein, which is made from Western Australian sweet lupins using the company’s proprietary technology.

Wide Open also completed the construction of its Buntine Protein pilot production facility, and locked-in an offtake agreement with Monde Nissin Australia.

Wide Open aims to continue to capitalise on the potential of regenerative agriculture within Western Australia and its Wheatbelt – placing an emphasis on sustainability, taste, climate and innovation.

Dirty Clean Food

Since the Dirty Clean Food brand was launched in 2019, it has grown and now achieved scale in Western Australia as a premium brand for customers in food service, grocery and digital channels.

Wide Open has continued to add to its growing network of suppliers passionate about regenerative agriculture, wanting to mitigate the impact they’re having on the environment.

In 2020, Dirty Clean Food came up with the world’s first regenerative and carbon neutral oat milk, which has attracted mass attention across the plant-based dairy market, which is considered to be one of the most popular and fastest growing segments within the global food industry.

Wide Open says the regenerative grown Western Australian oat are “best-in-class” and are now distributed throughout numerous food service and retail locations, including Woolworths (ASX: WOW) stores throughout Australia and internationally through agreements in Singapore, Hong Kong, Taiwan and Gulf Cooperating Countries.

Dirty Clean Food oat milk products are now sold in roughly 1,500 locations throughout Australia, Singapore and Hong Kong, with Taiwan and Dubai expected to soon join the list getting involved.

Buntine Protein

FY2022 was considered a breakthrough in development of Wide Open’s plant-based Buntine Protein, with the opening of its pilot plant, and the signing of an offtake agreement with Monde Nissin Australia.

Wide Open aims to build on the momentum it has created within the plant-based protein market in FY2023, as the world continually looks for high quality sources.

With more than 60% of the world’s lupin production grown in Western Australia, the company believes Buntine Protein presents an opportunity to increase value for lupins.

It is a key ingredient in regenerative farming systems within the Wheatbelt – naturally adding nitrogen to the soil, which mitigates the need for chemical fertilisers.

With lupin primarily used for animal feed, Buntine Protein could accelerate the plant’s transition into premium human-grade food markets.

Wide Open hopes to launch multiple Dirty Clean Food products which feature its Buntine Protein in FY2023 – highlighting the “versatility of Buntine Protein as a high performing plant protein ingredient”.

Carbon Neutral

After an official audit of the company’s production eco-system and an outline of its plan surrounding calculating and reducing greenhouse gas emissions, Dirty Clean Food oat milk was certified “carbon neutral” by Climate Active.

Climate Active is Australia’s government back initiative for climate action.

Wide Open prides itself on four mechanisms to tackle climate change including: supporting the large-scale uptake of regenerative farming practices, increasing access to plant-based foods and drinks, eliminating food waste, and reducing carbon emissions from vehicles and refrigeration.

Cash position and FY2023 outlook

Wide Open ended FY2022 with its cash position sitting at almost $19.5 million, which gives it adequate funding to continue its growth initiatives into FY2023 and beyond.

So far in FY2023, Wide Open gained a new chief financial officer as it appointed Matthew Skinner to the position.

The roll-out of Dirty Clean Food brand products has progressed after the company announced last month it had inked a deal with Coles Group (ASX: COL) – Australia’s other major national supermarket retailer.

Up to 12 Dirty Clean Food products will initially be sold in Western Australia’s first Coles Local store in the South Perth suburb.

Looking forward, the company expects FY2023 to see continued high growth, with new market expansion and the launch of a protein oat milk.