Total
0
Shares
Wide Open Agriculture’s (ASX:WOA) Dirty Clean Food forks up 46pc revenue increase
  • Regenerative food company Wide Open Agriculture (WOA) grew its revenue by 46 per cent last quarter
  • Total sales for the first half of the 2020 financial year equalled $490,000
  • This increase follows growing consumer demand for sustainably-produced meat and plant-based products
  • Wide Open's Dirty Clean Food range can be bought online or through a number of popular retailers and restaurants in Australia
  • Wide Open is up 25 per cent and shares are trading for 15 cents each

Regenerative food and farming company Wide Open Agriculture (WOA) grew its quarterly revenue by 46 per cent in the quarter ending on December 31 2019.

The December 2019 quarter was significant in bringing in $290,000. This is nearly double the revenue achieved in the previous quarter.

These results are the highest in the company's history and bring total sales for the first half of the 2020 financial year to $490,000.

Importantly, these sales were made only in Western Australia to premium restaurants, food-service customers, independent retailers and online consumers.

So, what has led to these sales?

At the start of the 2020 financial year, Wide Open kicked off domestic sales of its regeneratively produced meat.

Its food brand, Dirty Clean Food, is Australia's first regenerative food brand. It's the first to provide conscious consumers with ethically sourced meat and plant-based products.

"Our rapid and substantial growth in sales validates the immense demand for regenerative food products. Our growth also confirms our capacity to provide premium products with a clear line of sight from regenerative paddock-to-plate," Managing Director Dr. Ben Cole said.

During the quarter, a number of leading retailers stocked Dirty Clean Food's products. These include Farmer Jacks, IGA, Boatshed, Peaches, Loose Produce, Fresh Provisions and Perth Organics.

Between June and December 2019, restaurant customers' sales grew by 64 per cent. Over 55 of these are regulars from premium restaurants and food service outlets.

Repeat customers include Cape Lodge in Yallingup, Rockpool at the Crown Casino, Yarri in Dunsborough and Young George in East Fremantle.

While Wide Open offers a direct-to-consumer online sales channel, the company stocked its products on the retailers' shelves in early December.

In addition to domestic sales, the agriculturalist secured a meat export licence in October. This licensee presented a new pathway to go global with its premium meat products. 2

2020 forecast

Wide Open expects further demand for its products this year. It's currently in discussions with various large-scale outlets who support the consumer demand for sustainably-produced food.

Currently, the company has a few products that are under development. These include hemp seeds, granola, lupin falafel mix and oat milk.

Wide Open is up 25 per cent and shares are trading for 15 cents each at 11:40 am AEDT.


Subscribe


WOA by the numbers
More From The Market Herald
Stemcell United (ASX:SCU) - CEO, Philip GU - The Market Herald

" Stemcell United (ASX:SCU) to acquire 50pc of Lantene

Stemcell United (SCU) has signed an agreement to acquire 50.1 per cent of Shenzhen Lantene Dingzhi Biotechnology.
RotoGro (ASX:RGI) - CEO, Adam Clode - The Market Herald

" RotoGro (AXS:RGI) secures $1.9 million order for Canniberia’s Portugal facility

RotoGro (RGI) has secured a $1.9 million purchase order for its rotational garden and plant nutrient management systems, via its subsidiary, from Canniberi…
EVE Investment (ASX:EVE) - Managing Director, Bill Fry - The Market Herald

" EVE Investments (ASX:EVE) increases revenue and cash balance in Q1 FY21

Wellness business EVE Investments (EVE) has announced a record start to FY21, increasing both its revenue and cash balance during the September quarter.
Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald

" Wide Open Agriculture (ASX:WOA) opens $1.5M share purchase plan

Wide Open Agriculture (WOA) has opened a $1.5 million share purchase plan (SPP) to complement its recent $7 million placement.