Huon Aquaculture is positioned for a new growth phase after an eventful and sometimes very difficult year, chairman Neil Kearney says.
The Tasmanian-based salmon farmer's 2018-19 performance was hit by an extended run of warm temperatures affecting fish health and growth and moon jellyfish strike which killed some salmon and held back the growth of others.
"Whether farming on land or sea, the reality is that the environment exerts a significant influence over the capacity of any business to deliver growth in sales and earnings," Mr Kearney said in the company's annual report.
"This year (2018-19), despite being well prepared and responding quickly, the events that unfolded made it difficult for Huon to match last year's performance."
He said the environmental events stretched Huon staff to their limits at times.
Statutory net profit after tax fell by 64 per cent compared to the previous year to $9.5 million.
Operating net profit after tax fell by 55 per cent to $15.9 million.
Revenue dropped from $317.9 million to $282 million.
Mr Kearney said directors were confident Huon's "sound business strategy, combined with the completion of our significant investment program, has positioned the business to enter a new growth phase".
"The company has demonstrated its resilience to a range of extreme weather and environmental events over the past year.
"At the same time, it has completed the implementation of a major infrastructure program that will allow Huon to expand capacity and drive operational efficiencies.
"We are very confident that the investment undertaken over the past two years will form the foundation for sustainable improvements to revenue, earnings and shareholder returns over the coming years."
Managing director Peter Bender said investment allowing salmon farming in Storm Bay off Bruny Island would provide some protection from the effects of warm water temperatures and jellyfish blooms.
He said Huon started the new financial year with record biomass in the water and two of the four Storm Bay sites in production.
He said half of Huon's 20,000 tonne lease allocation in Storm Bay would be in production by December, along with 16,500 tonnes from the Huon River, D'Entrecasteaux Channel and Macquarie Harbour.
He expected increased production and the influence of under-supply on prices were set to deliver strong revenue growth.