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FY22H1Results
FY22 Revised Guidance
February 2022
1
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Agenda
Business Update | 03 |
FY22 First Half Discussion | 07 |
FY22 full Year Results Outlook | 10 |
About East 33 | 16 |
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Company Outlook | ||||
only | Key Points | |||
• Infrastructure investment has laid the foundation for strong future growth | ||||
use | • Increase in oyster prices enabled by strong demand and supply shortfalls helped to recover operating cost movements | |||
• | Incremental labour has been secured to drive farming activities and to capture the reopening of the restaurant channel | |||
• Further increases in pricing are expected throughout CY2022 | ||||
• Inventory position and labour availability will enable ramp up in harvested volume | ||||
personalr | • Removal of short run industry constraints associated with Covid will enable step change in financial performance | |||
Summary of First Half FY22 | ||||
1. | Solid year on year growth regardless of headwinds | |||
2. Step change in growth effectively delayed 12 months | ||||
3. | Robust outlook for 2022/2023 season | |||
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Business Update
Continued strong demand for Sydney Rock Oysters
- Demand for Sydney Rock oysters exceeds supply
- Prices for Sydney Rock oysters are increasing along the full value chain
Executing our Strategy
- Building a long term, sustainable, customer focused, profitable business
- The unique qualities of the Sydney Rock Oyster and continued strong demand underpins the East 33 long term growth strategy
Solid progress on business plan
- Implementation of clear plan to invest in improving efficiency, productivity, quality whilst reducing unit costs
- Developing a culture of continual improvement in all aspects of the business with an early focus on OH&S, production efficiencies and operating systems
We are encouraged with the robustness of our
market and core business opportunity
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only | |
Covid Impacts H1 2022 | |
Labour constraints impacted harvest volumes | |
use | • Nation wide labour shortages reduced our ability to harvest to maximum |
inventory availability | |
Lockdowns reduced processing throughput | |
• Sydney based lockdowns limited staff availably to process oysters during time | |
sensitive weeks leading into Christmas rush | |
personalr | Restaurant closures changed sales channel mix |
• Higher sales into lower value sales channel resulted in lower than anticipated average gross profit margins
Overall industry supply shortfall
• Unusually severe weather conditions negatively impact East 33 third party supply chain
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East 33 Ltd. published this content on 27 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2022 23:51:05 UTC.