Murray Cod Australia (MCA) reported a record 175.9 tonnes of fish sold in 1H27, lifting sales volume by 45.7 per cent. Net sales rose 34.2 per cent to $3.92 million, as it shifts away from using seafood distributors.
Volume was also up 19.3 per cent on the June quarter. The average realised price was $22.29 per kilogram, 5.4 per cent higher than the June quarter but 7.9 per cent below a year earlier, which the company put down to customer, channel and product mix.
MCA cut prices in the June quarter to stimulate demand, secure new distribution and reduce biomass. It said it is now progressively restoring pricing, with customer-level data showing underlying prices rising across key distributor, foodservice and live fish accounts.
Into the supermarkets
In September, the company started supplying around 130 Woolworths seafood departments in New South Wales and Victoria in September. The retailer also expanded its RIVERLI 200-gram chilled product from 106 to 168 stores.
National ranging of the RIVERLI 1-kilogram frozen product through Woolworths starts on 4 November, and MCA estimates it could contribute about $1.3 million in wholesale revenue in FY27.
The RIVERLI 200-gram chilled product launches in 231 Coles stores in New South Wales and Victoria from 16 November, which MCA estimates could add about $550,000. The company said both estimates depend on consumer demand, retailer orders and execution.
Seafood distributors remain the largest channel at about $2.51 million, or 64 per cent of revenue. Foodservice revenue rose to about $438,000 from $265,000, with new customers including Superior Food Services, dnata airline catering and Australian Venue Co.
Live fish brought in about $474,000 and export about $350,000, including initial US sales through Lee Fish USA. The company signed 19 new customers in the quarter.
Processing doubles, freezer delayed
Since April, MCA has increased shifts at its Griffith processing site from one shift three days a week to six days a week, with a second shift added.
A new spiral freezer from a European manufacturer has been delayed by the late supply of a conveyor belt and is now due at Griffith in mid to late December.
In the meantime, MCA has engaged a Melbourne seafood processor to provide freezing and retail packing to protects the Woolworths frozen launch. It said it was also weighing up a second automated filleting line, estimated at about $500,000, subject to board approval and equipment finance.
Crumbed and battered products are due in the December quarter, a hot-smoked range is planned for FY27, and a premium mince made from filleting trimmings is being presented to customers.
