Ocean Harvest Technology Group PLC Trading Update and Notice of Results (1337G)
17 7월 2023 - 3:00PM
UK Regulatory
TIDMOHT
RNS Number : 1337G
Ocean Harvest Technology Group PLC
17 July 2023
17 July 2023
Ocean Harvest Technology Group plc
("OHT", the "Company", or the "Group")
Trading Update and Notice of Results
Ocean Harvest Technology Group plc, a leading global producer of
animal feed supplements from multispecies seaweed blends, is
pleased to provide the following trading update for the six months
ended 30 June 2023 (the "Period").
Highlights:
-- Trading for the first half of the year has been significantly
ahead of the prior year and the Board remains confident in
achieving market expectations for 2023
-- Investment in sales and marketing has delivered 65% year-on
year increase in product revenue to approximately EUR1.6 million
(2022 H1: EUR0.95m)
-- Record customer trial pipeline expected to drive future growth
-- Improved margin efficiencies following a reduction in shipping costs post Covid-19 pandemic
Product revenue growth of approximately 65% has come from new
customers, volume growth from existing customers and the increase
in average selling prices.
Gross margins in the first half were significantly higher than
2022, largely due to the elimination of selling concessions which
OHT had offered to customers in previous years in response to the
high shipping costs resulting primarily from the Covid-19
pandemic.
OHT sold product to over 40 customers in the Period, an increase
over the circa 30 customers sold to during 2022. These new
customers include one of the largest UK animal feed companies and a
top 5 swine producer in the US.
The Company has continued to expand its supply chain, sourcing
new suppliers in new and existing markets for each of its key
seaweed species. OHT has strong visibility for H2 2023 seaweed
purchase volumes and recently entered into a strategic arrangement
with a supplier of brown seaweed which has guaranteed its supply at
attractive pricing for at least the next two years.
As announced on 19 June 2023, OHT reported on some of its
recently completed feed trial results which demonstrated the
efficacy of Ocean Harvest's OceanFeed(TM) products and its benefits
in a number of applications. OHT's proprietary seaweed blends are
delivering strong results in animal performance and production
economics in a cost-effective and environmentally sustainable
manner. OHT currently has trials in progress or scheduled with over
20 potential customers.
The Company will publish its interim financial statements for
the six months ended 30 June 2023 in September and will provide a
further update at that time.
Mark Williams, CEO of Ocean Harvest Technology Group,
commented:
"We are delighted with the continued strong growth that OHT has
achieved in the first half of this year. Having completed the IPO
during this period, we are focused on the ongoing investment in
R&D, sales and marketing and our supply chain to continue to
drive this growth. We look forward to the future with
confidence."
For more information please contact:
Ocean Harvest Technology Group plc Tel: +44 (0)118 228 7612
Mark Williams, CEO
finnCap Ltd (Nominated Adviser and Sole Broker) Tel: +44 020 7220 0500
Geoff Nash / Seamus Fricker / George Dollemore (Corporate Finance)
Charlotte Sutcliffe / Harriet Ward (ECM)
Camarco (Financial PR Adviser) Tel: +44 (0) 203 757 4991
oht@camarco.co.uk
Tom Huddart / Rosie Driscoll / Letaba Rimell
Notes to Editors
Ocean Harvest Technology Group plc is a global leader in the
development and commercialisation of value adding products from
multiple species of seaweed. The Company provides a range of
natural ingredients focused on improving animal performance whilst
protecting the environment, through its unique and proven
intellectual property portfolio. The Company's products are
produced in its facility in Vietnam from seaweeds soured from
multiple markets across the world.
For more information, please visit
www.oceanharvesttechnology.com .
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END
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