Wide Open Agriculture posts record March quarter revenue following unprecedented demand
Wide Open Agriculture achieved record revenue of $393,689 for the March quarter.
Following record online demand for its Dirty Clean Food products, Wide Open Agriculture (ASX: WOA) unveiled it has achieved its highest ever quarterly revenue.
During the March 2020 quarter, Wide Open Agriculture revealed record revenue of $393,689 – up 32% on the December 2019 quarter.
Underpinning the record quarterly revenue was the company’s highest ever monthly sales during March of $179,353.
With online food shopping and supermarkets remaining essential services during the COVID-19 pandemic, Wide Open Agriculture said demand for its products continued to “grow rapidly” – highlighting the company’s “resilient business model” during challenging conditions.
Wide Open Agriculture also noted that the sales arose purely out of Western Australia, with growth plans underway including new products and launching into new markets both nationally and internationally.
“Attaining our third quarter of revenue growth demonstrates our capacity to scale through building a loyal base of conscious consumers, diversifying our regenerative product lines and capitalising on our various sales channels,” Wide Open Agriculture managing director Dr Ben Cole said.
“We are rapidly building our relationship with conscious consumers whilst refining operational efficiencies of our online sales and fulfillment,” he added.
Dirty Clean Food
As Australia’s only regenerative farming food brand, Dirty Clean Food provides a direct line of sight back to the farm for its produce through transparent supply chains and farming practices.
Dirty Clean Food only sources food from regenerative farming practices that involve nurturing and maintaining the land by promoting soil health and biodiversity.
Available produce includes 100% grass fed and regeneratively farmed beef and lamb with oat milk and a plant-based protein offering also in the works.
Driving growth
With COVID-19 causing higher supermarket and online demand, Wide Open Agriculture said online sales volumes for its Dirty Clean Food products rocketed 694% to 388 in March compared to 51 in February.
Meanwhile, retail sales from supermarket channels increased 47% during the same period.
This has offset the fall in orders from restaurants and cafes, which are expected to continue declining due to COVID-19 shutdowns.
As governments commit to supermarkets and online food shopping as essential services, Wide Open Agriculture said it is positioned to continue producing essential food items.
As part of this, Wide Open Agriculture has secured two new partners for its online home delivery service including leading burger chain Short Order Burger Co and sustainable seafood company Fins Seafood.
Short Order Burger and Dirty Clean Food are currently working on developing a 100% grass-fed beef patty for home delivery.
Wide Open Agriculture anticipates this will add another product to its offering and provide an aligned food service partner and new distribution channel to reach customers.
The collaboration with Fins Seafood will also boost Dirty Clean Food’s sustainable product offering to online customers.
Wide Open Agriculture noted it was also in negotiations with a number of other potential partners who meet its strict regenerative requirements.
“We built a best-in-class online platform to connect conscious consumers with WA’s best, regenerative food products – dirtycleanfood.com.au,” Dr Cole explained.
“We are using our platform to partner with our wonderful local food service partners during this period,” he added.
During the current quarter, Wide Open Agriculture plans to drive revenue growth further by diversifying its regenerative product range, expanding its online customer base and increasing partnerships including those with independent retail supermarkets.