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Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald
Managing Director, Ben Cole
Source: Farm Weekly
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  • With consistent demand for its foods and beverages, Wide Open Agriculture (WOA) has posted its sixth consecutive quarter of revenue growth
  • Revenue reached $989,261 in the second quarter of the 2021 financial year, representing a 239 per cent increase compared to the same period in 2020
  • Sales to foodservice and cafes accounted for the majority of revenue, but strong growth was seen particularly in the retail sector
  • As of December 31, the company had $14.3 million in cash and is sufficiently funded to continue its activities "during these uncertain times"
  • Wide Open Agriculture is up 1.92 per cent to $0.80 per share

With consistent demand for its foods and beverages, Wide Open Agriculture (WOA) has posted its sixth consecutive quarter of revenue growth.

During the three months ending December 31, 2020, the company generated revenue of $989,261, representing a 239 per cent increase compared to the second quarter of FY20 and a 29 per cent increase compared to the prior quarter.

Wide Open Agriculture said its Dirty Clean Food products continued to cement their presence as one of Western Australia's leading "regenerative and ethical" brands, with a number of successful launches and ongoing diversification.

Sales to foodservice and cafes accounted for the largest portion of revenue, reaching $554,122, while online sales remained strong, coming in at $299,253. But it was the retail sector, which grew 38 per cent to $135,887, which showed the most growth thanks to Dirty Clean Food's increased presence.

Notably, the company's OatUP product was only launched in late December, meaning a substantial amount of growth in Dirty Clean Food's product base is still to come.

As of December 31, 2020, Wide Open Agriculture has $14.3 million in cash and noted that it is sufficiently funded to continue its activities "during these uncertain times," but "will continue to demonstrate appropriate fiscal restraint."

Over the next 12 months, the company said it will continue to solidify and grow its market share in Western Australia and anticipates launching OatUP in new states and territories.

To facilitate this, sales and marketing activities will focus on increasing online traffic and growing its business-to-business customer base.

Wide Open Agriculture is up 1.92 per cent to $0.80 per share at 11:45 am AEDT.

WOA by the numbers
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