Barramundi Group (BARRA) H1 2024 earnings summary

Executive summary

• Revenue for 1H 2024 was $7.27 million, down from $9.32 million in 1H 2023, reflecting a significant decline in sales.

• Net loss for 1H 2024 was $3.78 million, a reduction from the $12.14 million loss in 1H 2023, mainly due to discontinued operations in the prior period.

• Total comprehensive loss for 1H 2024 was $3.76 million, compared to $11.27 million in 1H 2023.

Financial highlights

• Gross margin pressure evident as raw materials and consumables costs decreased to $5.40 million from $6.88 million year-over-year.

• Administrative expenses fell to $1.56 million from $2.22 million, and distribution expenses to $0.58 million from $0.73 million.

• Cash and cash equivalents declined to $1.87 million as of 30 June 2024, from $3.57 million at year-end 2023.

• Net cash from operating activities was $0.47 million, but overall cash decreased due to investing and financing outflows.

Outlook and guidance

• The company is undergoing a court-approved Scheme of Arrangement as of July 2025 to restructure its debts and operations.