Tassal plans $125 million in capital spending this financial year as it aims for increased sales despite the coronavirus recession.
The Tasmanian-based salmon and prawn farmer recorded statutory net profit after tax of $69.1 million for 2019-20, an increase of about $10.7 million compared with the previous year.
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"Some positive consumer trends have emerged that should gain momentum and support further growth," managing director and chief executive Mark Ryan and chairman Allan McCallum said in Tassal's annual report.
"Tassal is confident managing both known and controllable COVID-19 risks and the directors believe the company is as best prepared as we can be for any unknown and uncontrollable risks that COVID-19 may present."
They said the operational focus for salmon in the current financial year involved optimising Tassal branded sales and improving cost per kilogram from its farming operations.
Measures planned included a mostly television-based marketing campaign focusing on its branded products and continuing to improve its domestic sales mix, with an emphasis on more profitable production lines.
Improved fish survival, biomass and decreased growing costs per kilogram were being achieved.
They said the measures should lead to increasing salmon returns for the current financial year.
A significant increase in planned prawn harvest volumes was expected to lead to increased earnings.
"Further investment in both salmon and prawn operations should continue to underpin long-term growth," they said.
They said seals remained a significant challenge for the Tasmanian salmon farms, especially since relocating seals to other areas ended in late 2017.
"Tassal monitors seals and seal interactions extremely closely, and its new ocean sanctuary pens (are) providing the best risk mitigation for seals," they said.
"The company has seen significant improvement in lowering seal interactions."
Salmon sales volume was up by 13.4 per cent in the June quarter compared with the June quarter of 2019, despite the coronavirus restrictions on movement and business.
Mr McCallum and Mr Ryan said retail sales had been particularly strong during the quarter.