Murray Cod Australia (MCA) Q1 2027 TU earnings summary

Executive summary

• Record Q1 FY27 sales of 175.9 tonnes and $3.92m net sales, alongside growth across grocery, foodservice, live fish and export channels.

• Expanded distribution and processing capacity support growth, while underlying operating cash outflow of $4.27m keeps cash conversion and cost control in focus.

Financial highlights

• Q1 FY27 net sales reached $3.92m, up 34.2% YoY and 25.7% QoQ; sales volume rose 45.7% YoY and 19.3% QoQ.

• Customer receipts were $3.38m, up 19.3% YoY; operating cash outflow was $0.78m including a $3.49m R&D tax incentive, or $4.27m excluding it.

• Operating payments were $7.12m; approximately $339,000 of recruitment, legal, redundancy and transitional finance costs were not expected to recur at the same level.

• Investing cash outflow was $0.56m, principally for processing equipment; cash at quarter-end was $2.86m.

Outlook and guidance

• The next six months include seasonal demand peaks through summer, Christmas, Lent and Easter; priority is converting expanded distribution into recurring sales and cash receipts.

• FY27 wholesale revenue estimates are $1.3m for Woolworths frozen RIVERLI 1kg and $550,000 for Coles chilled RIVERLI 200g, subject to demand, retailer orders, promotions and execution.

• Crumbed and battered Murray Cod products are targeted for Q2 FY27; a hot-smoked range is under development for FY27.

• Continued focus on pricing, labour productivity, feed efficiency, energy costs and farm performance; improved margins and a sustained reduction in cash use remain priorities.