Angel Seafood Holdings Limited reported consolidated earnings results for the full year ended June 30, 2018. For the year, the company revenue of AUD 1,458,916 against AUD 1,385,272 a year ago. Revenue for the full year increased by 6.7%, despite a very challenging market environment where spat was difficult to obtain. In response, a South Australian based spat production industry has been established and expanded, and with each passing month the spat supply has been improving. Loss before income tax was AUD 1,303,978 against AUD 1,506,170 a year ago. Net loss for the period was AUD 1,142,629 against AUD 1,667,519 a year ago. Net loss for the period attributable to members of the company was AUD 1,142,629 against AUD 1,667,519 a year ago. Net cash used in operating activities was AUD 2,047,625 against AUD 674,801 a year ago. Purchase of property, plant & equipment was AUD 1,861,798 against AUD 1,285,819 a year ago. Payment for other intangible assets was AUD 14,542 against AUD 13,932 a year ago.

The Board, given its water holdings and stock on hand is confident of delivering growth in operations and financial results through fiscal year 2019 including achieving an operationally cash flow positive position. While still early in fiscal year 2019, Angel Seafood has performed above plan for fiscal year 2019 over July and August to date, with oyster sales expected to increase towards Christmas 2018. However, in making these statements it is always important to note the inherent operational risks in aquaculture that may impact on future results.