Strong Kingfish growth for Clean Seas

Clean Seas is experiencing strong growth with its new season Kingfish, with the ASX-listed company today announcing that development rates are the best they have produced in recent years.

The 2013 season Kingfish fingerlings are approximately halfway through their lifecycle since being introduced in November last year and have recorded average fish weights of 1.6kg from leading pens – more than double the average fish weight recorded by the 2012 season fingerlings at the same time last year.

Survival rates have also greatly improved this season with a 92.5% survival rate for the 2013 Kingfish fingerlings compared to this time last year when the survival rate for the 2012 fingerlings was only 47.2%.

Clean Seas CEO, Dr Craig Foster, said the company is buoyed by the results.

“Our new season Kingfish fingerlings are in extremely good health and are recording higher body weights than previous years which is really pleasing,” he said.

“Survival rates have also been consistently strong over their lifecycle, and in fact are the strongest we have produced in recent years.”

As a result of the impressive performance of the new season Kingfish fingerlings, Clean Seas has confirmed it will take the next step in its growth strategy to lift annual Kingfish production from 500 tonnes to between 1,100 and 1,500 tonnes by 2015.

“Our short-term goal is to boost Kingfish annual production from 500 tonnes to 1,500 tonnes by 2015, while our five-year production target remains 3,000 tonnes per annum,” said Dr Foster, adding that demand for Clean Seas’ Kingfish remains strong with farmgate prices above $14 per kilogram.

The interim results for Clean Seas’ 2013 Kingfish fingerlings follow the company’s announcement in May that a recent renounceable entitlement issue had closed fully subscribed raising a total of $3,607,907 (excluding fees and commissions) to further invest in building Kingfish production.

“Our key performance measures are ahead of target and the overall performance is consistent with our strategy to re-focus and re-build a profitable business based on sustainable Kingfish production,” Dr Foster said.

FURTHER INFORMATION:
Dr Craig Foster on 08 8621 2900

ISSUED BY HUGHES PUBLIC RELATIONS:
Kieran Hall on 08 8412 4100 or kieran@hughespr.com.au