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Rare Foods Australia Limited (ASX:RFA)

ALERT: Price-sensitive ASX Announcement for RFA
Current share price for RFA : $0.005 -0.019 (-79.17%)+
Announcement
Release
31 Jan 2025 3:09PM
Price at Release
$0.024
Full Release
download
Summary
For the quarter ending 31 December 2024, Rare Foods Australia Limited provided a positive update with a verified biomass recovery of 196 tonnes, marking an 18% increase from the previous year. The company successfully completed juvenile abalone deployments in line with its annual plan while implementing a cost reduction strategy that resulted in $440,000 in savings. The launch of the Subsea Estate brand saw record sales of $66,000 in its cellar door, and a record $2.1 million was received from an R&D refund, contributing to a net positive cash flow from operations of $940,000.
Key Points
  • Biomass recovery verified with biomass of 196T as at 31 December 2024, a 18% increase vs. Dec 2023
  • Operating cost reductions implemented achieving $440k savings
  • 2024 juvenile abalone deployments completed as per plan
  • Subsea Estate brand development and retrieval of first subsea wine production
  • Record sales for Subsea Estate Cellar Door of $66k for Q2, a 29% increase on Q2 FY24
  • FY24 Ausindustry R&D refund submitted, resulting in a $2.1M receipt
  • Net positive cash flow from operations of $0.94 million for the Quarter
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.