The growing Tasmanian agribusiness said its board would hold "an initial high-level strategy session this week to review all operations from both a risk and opportunity perspective".

"Following this, it intends to engage external advisors to assist with the development of a detailed strategic plan and will update shareholders on outcomes from that process when appropriate".

Launceston-headquartered TasFoods said it expected it would book impairment charges relating to the carrying value of goodwill of $3.5 million.

That would include $2 million for its poultry business unit and $1.5 million for its dairy business unit.

"The writedown will have no impact on the current or future trading potential of the company," it said.

"However, it will enable a repositioning of the business within a new strategic framework, which will be developed and outlined to shareholders in the coming months.

TasFoods also expected a $1.2 million writedown of the fair value of the biological assets of its Shima Wasabi business.

It said 73 per cent of Shima Wasabi's sales had historically been of fresh wasabi across Australia, particularly to high-end restaurants and for catering for corporate events.

"These markets closed in March, at the start of the COVID-19 pandemic in Australia, and will remain constrained until indoor mass gatherings are permitted and international travel recommences," it said.

TasFoods said the company's sales revenue had increased overall, but the pandemic had affected some parts of the business more severely than others.

"Poultry sales experienced significant volatility in quarter two, 2020, as a result of national over-supply of chicken meat that subdued pricing," it said.

"This over-supply was caused by a COVID-19-induced reduction in the number of quick-service restaurants and a decrease in demand from the food service sector.

"While both the poultry and dairy business units have continued to report year-on-year growth higher than market growth rates, future market growth rates are not certain, given current and forecast conditions impacting the Australian economy as a result of COVID-19," it said.

The company's half-year results are expected to be announced in late August.

TasFoods completed an $11.5 million acquisition of Burnie-based Betta Milk in July 2019.