Clean Seas stays firm on growth plan

Kingfish company Clean Seas is pushing forward with plans for a 50 per cent surge in sales volumes over the next three years, backed by a major investor.

Kingfish company Clean Seas has reiterated its plans to push towards a 50 per cent surge in sales volumes to 4000 tonnes over the next three years.

Clean Seas reported a 16 per cent rise in its sales revenue to the end of June, reaching $46.1 million. The business is continuing to pursue international expansion, with all regions recording solid year-on-year growth, managing director David Head told a conference in Adelaide.

Full-year sales volume in the established European market was up 4 per cent, despite increased competition, and in the target growth markets of North America and Asia, sales volumes were up 30 per cent and 50 per cent respectively.

Last month Clean Seas raised $6.6 million from Europe-based shareholder Bonafide Wealth Management, which is backing its plans for global expansion.

Clean Seas also wants to raise another $15.3 million to fund its “Vision 2025” plan which will see production get to 5000-6000 tonnes.

Clean Seas managing director David Head. Britta Campion/The Australian

“We are the global leader in full cycle breeding and farming of Yellowtail Kingfish, producing 3500 tonnes to the end of June,” Mr Head told attendees at the ExchangeSA conference.

The company plans to continue its Chef Activation Program in selected markets to push perception and understanding about its products in high-end restaurants around the world.

More than 2000 chefs have already been engaged through the program.

Clean Seas’ share of the kingfish market in North America is less than 1 per cent, and about 6 per cent in Asia, Mr Head said, with the company yet to establish a “material market presence” there.