According to the figures released by Tassal Group it is reported a very profitable first half to their financial year. The net profit after tax was AUS$16.5 million (£7.4 million) for the half year period to 31 December 2008, compared to AUS$9.3 for the same period up to 31 December 2007. The company said that the positive result was based on strong growth in salmon sales revenue, up by 21.7 percent, with salmon sales revenue growth of 28.5 percent in the domestic market, and sales volume, up by 15.9 percent, with 27.7 percent growth in the domestic market.
Commenting on the result Tassal Group’s Managing Director and Chief Executive Officer, Mark Ryan opined that it is another solid profit outcome in such a difficult economic climate. The company has achieved encouraging domestic market growth whilst continuing to implement cost reduction initiatives and deliver the benefits flowing from our ongoing capital investment programme.
He further said that the company acknowledges the challenges ahead that the current economic environment has presented, but we remain excited by the opportunities that continue to present themselves. According to Ryan the company’s balance sheet remains strong, with low gearing allowing Tassal to sustainably pursue both organic and acquisitive growth, including fast-tracking our capital expenditure program where projects will generate an attractive return on investment.
