Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Angel Seafood (AS1) has entered the 2021 sales season with record oyster stocks amid growing demand from restaurants and retailers
  • With its leases now operating near full capacity, and with record stocks on-hand, Angel is warehousing overflow oysters at its Haslam leases to cater for future demand
  • AS1 anticipates this season’s stocks will remain healthy thanks to cooling sea temperatures reducing the risk of pacific oyster mortality syndrome
  • As part of the company’s next phase of growth, AS1 has launched the innovative FlipFarming and ‘summer oysters’ trials, aimed at increasing productivity and efficiency
  • With both trials on track, Angel is aiming to increase its annual production capacity to 20 million oysters
  • Angel Seafood shares are up 3.45 per cent, trading at 15 cents each

Angel Seafood (AS1) has entered the 2021 sales season with a strong supply of oysters amid growing demand from restaurants and retailers.

According to Angel, the company is the largest producer of certified organic and sustainable pacific oysters in the Southern Hemisphere.

AS1 says it has experienced strong demand for its product since recommencing sales in March, with pricing remaining steady.

The company has reported good growth rates across all of its bays over the summer, which has generated a significant increase in oyster biomass.

With its leases now operating near full capacity, and with record stocks on-hand, Angel has been warehousing overflow oysters at its Haslam leases to cater for future demand.

Angel anticipates its stocks will remain healthy thanks to cooling sea temperatures reducing the risk of pacific oyster mortality syndrome.

Angel Seafood CEO and Founder Zac Halman commented “The Angel team continue to deliver on their commitment to producing the highest quality oysters, and this has shown through a very busy summer with record stock numbers on hand and fantastic survivability rates through the spawning period, when oysters are in their peak growth and stress period,” he said.

“Despite the later start in sales compared to the prior season, I am pleased to see the sales momentum we experienced last year continue into 2021 across both the retail and restaurant channels, and we expect this to continue into the busy Easter trade period,” Zac added.

Innovative farming trials progress

As part of the company’s next phase of growth, AS1 has launched two innovative farming trials — FlipFarming and ‘summer oysters’ — aimed at increasing productivity and efficiency.

This phase is expected to double Angel’s annual production capacity to 20 million oysters.

So far, the producer says FlipFarm is showing good progress, with all permits, equipment and materials now on-hand and construction set to commence on budget next month.

Meanwhile, stocks from the summer oysters trial are performing well; showing good survival rates among the spawnless triploid spat.

Oysters from the trial are on track to be available for sale early next year.

If successful, summer oysters will extend Angel’s sales period from 10 months to the entire calendar year and increase annual sales by 10 to 15 per cent.

“Although it is still early days with our FlipFarming and summer oysters trials, I am excited about the early progress, and the potential productivity and efficiency gains these will generate for Angel,” CEO and Founder Zac Halman said.

“I look forward to providing further updates on these initiatives, and others in the pipeline, as the year progresses.”

Angel Seafood shares are up 3.45 per cent, trading at 15 cents at 5:32 pm AEDT.

AS1 by the numbers
More From The Market Herald
The Market Herald Video

" Cobram Estate Olives (ASX:CBO) completes $50m placement

Cobram Estate Olives (CBO) has completed a fully underwritten institutional placement, raising $50 million.

" Indoor Skydiving (ASX:IDZ) officially changes name to xReality Group

Indoor Skydiving (IDZ) has officially changed its name to become xReality Group (XRG).
Wide Open Agriculture (ASX:WOA)

" Wide Open Agriculture (ASX:WOA) milks new Middle East distribution deal

Wide Open Agriculture (WOA) has penned a deal which will see its oat milk distributed across the Middle East.
Pearl Global (ASX:PG1) - Managing Director, Andrew Drennan

" Pearl Global (ASX:PG1) appoints new CEO

Pearl Global (PG1) has appointed David Wheeley as its new CEO, commencing in February.